ManagementFDC closes buy-back offer; promoters' stake rises to 65.76%
Drug maker FDC today said it has bought back shares worth Rs 17.78 crore from its shareholders, following which the promoter group"s holding in the company has increased to 65.76 per cent.
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Under the offer that commenced on November 24 last year, company bought back over 51.82 lakh shares from open market transactions at an average price of Rs 34.31 a piece, FDC said in filing to the Bombay Stock Exchange (BSE).
Post offer, the promoter group"s holding in the company now increased to 65.76 per cent from earlier 63.98 per cent.
Last year, the pharmaceutical firm had announced to buy back the company"s shares at a maximum price of Rs 40 a piece for an aggregate amount of Rs 35.85 crore.
"Till closure of buy back, the company has utilised 49.59 per cent of the amount authorised for the buyback," FDC added. The offer closed on August 3.
FDC was trading at Rs 44.20, down 0.23 per cent in the late afternoon trade on the BSE.