Intention of promoters to participate in buyback
ZYDUSLIFE · price
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Zydus Lifesciences has announced that its promoter group and persons in control have communicated their intention to participate in the company's buyback programme. The buyback involves up to 95,65,217 equity shares (0.95% of total paid-up capital) at INR 1,150 per share for an aggregate amount not exceeding INR 1,100 crores. The buyback is being conducted via the tender offer route under the Companies Act, 2013 and SEBI Buy-back Regulations. This intimation follows the board's approval and confirms promoters will tender their shares up to their respective holdings or lower as permitted by law.
Promoter participation signals confidence in the company's value and can support the stock price. The INR 1,100 crore buyback (at a significant premium to face value of INR 1) is positive for remaining shareholders as it reduces share count and returns capital.