Ajanta Pharma Buyback 2023 vs Ashiana Housing Buyback 2023

The buyback is being undertaken for the following reasons:

1. The buyback will help the company to return surplus cash to its equity shareholders broadly in proportion to their shareholding, thereby enhancing the overall return to shareholders.
2. The buyback consists of a reservation for the small shareholder. The company believes that this reservation for small shareholders would benefit a large number of public shareholders who would get classified as "small shareholders".
3. The buyback may help in improving return on equity, reduction in the equity base, thereby leading to a long-term increase in shareholders' value.
4. The Buyback gives an option to the shareholders holding Equity Shares of the Company, who can choose to participate and get cash in lieu of Equity Shares or they may choose not to participate and enjoy a resultant increase in their percentage shareholding, post the Buyback offer.
5. The buyback may lead to a reduction in outstanding Equity Shares, an improvement in earnings per equity share, and an enhanced return on equity.

The Buy Back is being proposed by the Company to fulfill the following objectives:

1. The Buy Back will help the Company to return surplus cash to its shareholders.
2. The Buy Back, which is being implemented through the tender offer involving a reservation for Small Shareholders of 15%. The Company believes that this reservation of 15% for Small Shareholders would benefit a large number of public shareholders.
3. The Buy Back may help in improving return on equity.
4. The Buy Back will help in achieving an optimal capital structure.
5. The Buy Back gives an option to the shareholders holding Equity Shares of the Company, to either choose to participate and get cash in lieu of Equity Shares or choose to not participate and enjoy a resultant increase in their percentage shareholding.