Ami Organics Increases Stake by 1% with Rs 42 Cr Share Buyback

New Delhi, Dec 29 (PTI) Speciality chemicals maker Ami Organics Ltd on Friday said it has purchased shares worth Rs 42 crore and increased its stake in the company by almost 1 per cent.

The shares were purchased in two separate transactions at Rs 1,164 per piece, the Surat-based company said in a statement.

This has increased the promoters' stake in the company by almost 1 per cent.

Till the September quarter, promoters and the promoter group held 38.93 per cent stake in the company, while 1.97 per cent was held by the public.

Promoters buying stock at Rs 1,164 per share instils the confidence of better growth in coming years, it said.

"Overall, all the growth levers are aligned, hangover of big seller is over, and J curve growth is expected from FY25 onwards," the company added.

Ami Organics is a research and development-driven manufacturer of specialty chemicals with varied end usage.