Zydus Lifesciences Announces ₹600 Crore Share Buyback at ₹1,005 per Share Starting Feb 29

27 Feb 2024 , 02:17 PM

Zydus Lifesciences Ltd announced a ₹600 Crore share buyback at ₹1,005 per share through the tender offer route, scheduled to open on February 29.

As of February 27, Zydus Life’s stock on BSE traded 0.40% lower at ₹938.80. The share buyback is set to conclude on March 6, according to the company’s stock exchange filing.

Zydus Lifesciences plans to repurchase up to 59,70,149 shares with a face value of ₹1 each, proportionately through the tender offer route at ₹1,005 per share, not exceeding ₹600 Crore in aggregate consideration.

In the recent third-quarter results, the company reported a 27% increase in consolidated net profit to ₹790 Crore for the period ending December 31, 2023.

The total revenue from operations witnessed a 6% rise to ₹4,505 Crore, driven by a 16% surge in the India formulations business and a 30% climb in the European and emerging markets business. The US formulations business, however, experienced a 4.3% decline from the previous year.

Zydus Lifesciences Limited, formerly known as Cadila Healthcare Limited, is an Indian multinational pharmaceutical company headquartered in Ahmedabad, primarily engaged in generic drug manufacturing. The company ranked 100th in the Fortune India 500 list in 2020.

ICICI Securities Limited is the lead manager and Link Intime India Pvt Ltd is the registrar to the buyback.

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