This is s the right way for the buyback, IMO. I have observed that the market price is higher in the tender offer route, and the most likely beneficiary is a promoter (e.g Granules India).
From a Capital allocation point of view, what Natco is doing is rational- they are buying back the shares when the market price is multi-year low.
Natco is benefiting once-in-a-decade opportunity (as management says) by selling Revlimid. Additionally, they will sell lot of CTPR, and the next two quarters will be one of the best quarters for them. Despite this, the share prices are trading at 6/7 year low.
The bigger question to me is, if these favourable conditions do not support the share prices, what will? What do think @james_kerala @rohitbalakrish_
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