Amrutanjan withdraws buy-back offer

Chennai, July 15 (IANS) City-based Amrutanjan Healthcare has withdrawn its buy-back offer of equity shares.

In a filing with the stock exchanges Thursday, the Rs.3.03 crore equity-based company said that the market prices of its shares had increased over its offer price of Rs.550.

Currently, the Amrutanjan’s Rs.10 face value equity shares changes hands at over Rs.800.

The 115-year-old company’s board has decided to restructure the over-the-counter (OTC) and pharma business by floating two different companies.

Under the OTC segment, Amrutajan makes pain balms and cold rubs.

The Rs.89.76 crore turnover company also makes pharma products like herbal cough syrup, dermal ointment and capsule to control diabetes.

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