Ajanta Pharma Limited (NSEI:AJANTPHARM) announces a share repurchase program. Under the program, the company will repurchase up to 2,210,500 shares, representing 2.59% of its issued share capital for a total of INR 3,890 million. The shares will be repurchased at a price of INR 1,425 per share.

The purpose of buyback program is to optimize returns to shareholders and enhance overall shareholders value. The Company will finance the buyback out of its free reserves, current surplus and/or cash and cash equivalents and/or internal accruals and/or liquid resources and/or such other permissible sources of funds. The company has set March 24, 2023, as the record date for the offer.

The offer is valid till April 10, 2023. As of March 3, 2023, the company had 128,125,155 shares in outstanding.