Zydus Lifesciences Ltd has announced a share buyback worth Rs 600 crore at Rs 1,005 per share through the tender offer route. Despite this announcement, as of 13:41 hours on February 27, the company’s stock on the BSE was trading slightly higher at Rs 946. The buyback period is scheduled to commence on February 29 and conclude on March 6, according to the firm’s filing with the stock exchange.
The company intends to repurchase up to 59,70,149 shares with a face value of Rs 1 each on a proportionate basis through the tender offer route at Rs 1,005 per share, with the total consideration not exceeding Rs 600 crore.
Earlier in the month, Zydus Lifesciences reported a stronger-than-anticipated increase in its third-quarter profit. For the quarter ending December 31, 2023, the company’s consolidated net profit surged by 27% to Rs 790 crore. The revenue from operations also experienced growth, rising by 6% to Rs 4,505 crore. This growth was primarily driven by a 16% increase in the company’s India formulations business and a 30% climb in its European and emerging markets segment, which includes markets like Mexico and Africa. However, the US formulations business saw a decline of 4.3% compared to the previous year.
