Amrutanjan Health Care board approves buyback at Rs 900 per share; stock jumps

Amrutanjan Health Care's board on Friday approved a buyback programme at Rs 900 per share, sending its stock soaring. The stock of Amrutanjan Health Care — traded on the bourses with the symbol AMRUTANJAN — jumped by as much as Rs 106.6 or 16 per cent to Rs 774.8 apiece on BSE after the announcement. 

The company plans to buy back up to 3.2 lakh shares, representing 1.1 per cent of its equity, worth Rs 28.8 crore, according to a regulatory filing. The price, of Rs 900 per share, translates to a premium of 34.7 per cent over Wednesday's closing price. 

Chennai-based Amrutanjan Health Care — a manufacturer of a range of products in the pain management, congestion management, beverage and hygiene segments — said it would share information on the process, timeline and other statutory details in due course in accordance with buyback regulations. 

Amrutanjan Health shares traded in high volumes. At 10:45 am, the stock held on to much of its intraday gains, trading at Rs 761.6 apiece on BSE, up 14 per cent on the day.

As many as 97,000 Amrutanjan shares changed hands for the day so far on the bourse, as against a daily average of 13,000 over the past two weeks, according to provisional exchange data. 

Amrutanjan share price: Past performance

The latest surge in the Amrutanjan Health Care stock takes its gain in the past month to almost 25 per cent, a period in which the Nifty benchmark has risen three per cent.   

(This story will be updated shortly)

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