On July 3, the company's board approved buyback of shares worth up to Rs 100 crore. The buyback is for 1.74 million shares at Rs 575 per share.
After growing organically for almost a decade, Eris had made four acquisitions of distressed businesses in a couple of years
Stock of the pharmaceutical company outperformed the market by gaining 12% in past five trading days, as compared to 1.3% decline in the S&P BSE Sensex.
The stock rallied 11% to Rs 721, extending its 11% gain in past six trading sessions.
In 2016, Eris acquired 75.48% in Kinedex, for an aggregate consideration of Rs 77.18 crore
This is the company's first acquisition after being listed on the exchanges earlier this year
The stock slipped to Rs 592, 2% below its IPO price of Rs 603, after listing at Rs 612 on the BSE
Segments it operates in offer scope for growth but valuations too expensive for comfort