Ajanta Pharma Ltd’s shares were up 5 per cent at Rs 2,160 on the Bombay Stock Exchange in Friday’s intra-day trade after the company said its board would meet on December 28 to consider a share buyback plan.

“The meeting of the board of directors of the Company is scheduled on Tuesday, December 28, 2021, to consider a proposal for buy-back of equity shares including matters related /incidental to it,” Ajanta Pharma said.

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Buyback is a corporate action in which a company buys back its shares from the existing shareholders, usually higher than the market price. When it buys back shares, the number of outstanding shares in the market reduces.

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