Dr Reddy Labs announces shares buyback

DR__REDDY LABSMajor drug maker Dr Reddy Labs has announced that it will buyback share at a price not exceeding Rs 3,500 per share subject to regulatory approvals.

The board of directors of the company at their meeting held today has approved a proposal to buyback of equity shares of the company for an aggregate amount not exceeding Rs 1,569 crore and at a price not exceeding Rs 3,500 per share, Dr Reddy’s Laboratories said in a press release.

The buyback should be 14.9% of the total paid-up equity capital and free reserves of the company as on March 31, 2015.

The decision has yielded positive results as the shares of the company has moved higher by 4% to Rs 2,973 on the BSE

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