Zydus Lifesciences share buyback: ₹600-crore offer opens on February 29, check details

Zydus Lifesciences Ltd announced the opening date of its ₹600-crore equity share buyback on Tuesday.

The share buyback offer will open on Thursday, February 29, and close on Wednesday, March 6, the pharma company said in a filing to the stock exchanges.

The company will repurchase not more than 59,70,149 fully paid-up equity shares, or around 0.59% of the company’s total paid-up equity capital, at ₹1,005 each through the tender offer route, the company informed the bourses. The Board of Directors of the company had given approval for the share buyback earlier this month.

The record date for the buyback was set at February 23, 2024. The buyback size aggregates to ₹600 crore, and will be conducted pursuant to SEBI’s Buy-Back of Securities Regulations, 2018.

The last date of receipt of completed tender forms and other specified documents by the Registrar is March 6.

The company stated that all of the bids for the share buyback will be settled on the stock exchange at most by March 14, 2024.

The pharma company’s shares have gained nearly 30% in a month, and around 40% so far this year. The stock has jumped sharply by over 106% in the last one year.

Zydus Lifesciences reported a 27% rise in consolidated net profit on a year-on-year (YoY) basis to ₹789.6 crore in the quarter ended December 31, 2023, compared to ₹622.9 crore in the same period last year. Its net sales climbed 3.3% to ₹4,505.2 crore in the December quarter from ₹4,362.3 crore in the corresponding period a year ago.

Shares of Zydus Lifesciences closed flat at ₹942.85 per piece, up 0.03%, on NSE on Tuesday.