Mumbai, Nov 14 (UNI) Equity of pharma company Alembic today surged nearly 12 per cent, after the board approved share buyback offer of Rs 33 crore from the open market.
The company would buy back shares worth up to Rs 33 crore, constituting 9.69 per cent of its equity share capital, the Bombay Stock Exchange (BSE) said.
Following the announcement, the scrip touched an intra-day high of Rs 40.45, up 11.89 per cent from its previous close on the BSE.
The maximum buy back price has been fixed at Rs 55 a share, the company release said.
Alembic was trading at Rs 39.10, up 8.16 per cent on the BSE, a leading broker said.
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