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Dr Reddy’s is going to buyback around 44.85 lakh shares that accounts for about 2.6 percent of the existing paid up capital of the company, for up to Rs 1,569.4 crore.
Dr Reddy’s Laboratories said in a filing that the board of the company has provided its approval to a proposal of buyback of shares, subject to the approval of shareholders, for an aggregate of amount not exceeding Rs 1,569.4 crore at a price not more than Rs 3,500 per share under the open market route.
It further added that “The buyback is proposed on the account of the company’s strong cash flow position and is expected to be EPS accretive contributing to an overall enhancement of value for shareholders going forward.”
