Granules India buyback 2022 record challenge, NSE share price, ratio: Everything you need to know
Granules India Share buyback 2022 Date, price: Pharmaceutical company Granules India has announced a share buyback program. The Hyderabad-based company, in a regulatory filing, informed that the board of directors at its August 9 meeting approved the repurchase of up to 62,50,000 fully paid shares with a par value of 1 Rs each. It represents 2.52% of the total number of shares.
A share buyback program is one of the corporate actions through which the company buys back its shares from the shareholders at a fixed price. The price, in general, is higher than the prevailing price of the company’s share price in the capital market. It increases the demand for the shares of the company and the price.
Granules India share repurchase amount
The repurchase price of Granules India shares has been set at Rs 400 each for a total amount not exceeding Rs 250 crore.
Granules India will make a payment of Rs 400 per share it will buy from its shareholders participating in the buyback program. Payment will be made according to the shares accepted by the company under the buyback program.
Granules India Share buyback 2022 Record date
The record date for the Granules India share buyback is August 23, which means that shareholders participating in the buyback program must have Granules India shares in the Demat account on the record date.
Granules India NSE Stock Price
Granules India’s share price tumbled around 2% on Monday (August 22) to close at Rs 306.45 each on the NSE. The stock has generated a negative return of over 8% in 2022 and around 6% over the past year.
In the June quarter of the current financial year, Granules India recorded a 6% increase in net profit to Rs 128 crore from Rs 120 crore in the same period of the previous financial year.
Granules India was incorporated on March 18, 1991 as a public limited company. It is engaged in the manufacture and sale of formulation intermediates, active pharmaceutical ingredients, pharmaceutical formulation intermediates, oncology, high potency APIs, finished dosage forms.