Jenburkt Pharmaceuticals today said its board will meet later this week to consider buy back of equity shares, sending its stock up by 8 per cent. “A meeting of the Board of Directors of the company is scheduled to be held on September 9, 2017, inter alia, to consider matters related to buyback of the fully paid-up equity shares of the company,” Jenburkt Pharmaceuticals said in a regulatory filing. The company, however, did not elaborate on the size of the buyback.
Shares of Jenburkt Pharmaceuticals zoomed over 8 per cent to Rs 453 apiece on BSE after the announcement. The stock had opened weak at Rs 405.45 today against the last close of Rs 415.85. Post the announcement, company shares touched a day’s high of Rs 466 on BSE in late morning trade.