Dr Reddy’s ends 2% higher; buyback offer to start on April 18

Shares of Dr Reddy’s Laboratories ended 1.79% higher at Rs. 3,082.80 on BSE after the company announced that its offer for share buyback will open on April 18.

Dr Reddy’s Lab made a public announcement of its proposed buyback offer at a maximum price of Rs. 3,500 per equity share, representing 14% premium to today’s opening share price of Rs.3,079.

The company said it has set aside a maximum amount of Rs. 1,569.41 crore for the buyback offer, which is 14.9% of the total paid-up share capital and free reserves of the company as on 31 March 2015.

The number of equity shares bought back will not exceed 25% of the total paid-up equity capital of the company.

The scrip opened at Rs. 3079 and touched a high and low of Rs. 3095 and Rs. 3053 respectively. A total of 311909(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 51670.23 crore.

The BSE group 'A' stock of face value Rs. 5 touched a 52 week high of Rs. 4382.95 on 20-Oct-2015 and a 52 week low of Rs. 2750 on 21-Jan-2016. Last one week high and low of the scrip stood at Rs. 3085 and Rs. 2974.85 respectively.

The promoters holding in the company stood at 25.57 % while Institutions and Non-Institutions held 43.5 % and 30.93 % respectively.

The stock traded above its 200 DMA.