Shares of Dr Reddy's Laboratories climbed more than 2 percent intraday Tuesday after the drug major announced commencement date for its buyback offer of worth Rs 1,569 crore. The stock gained more than 7 percent in last two months, especially since February 11. The company said the buyback of equity shares will begin on April 18 and is proposed to be completed within a maximum period of six months from the date of opening. The board of directors and shareholders (through postal ballot) approved the buyback proposal on February 17 and April 1, respectively.
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