FDC Limited

(i) A young visionary, Anand Chandavarkar, in the backdrop of India’s independence struggle, dreamed of building a world-class company in 1936. His vision of freedom was to create, to build, and to industrialize, in order to make the nation self-reliant in healthcare. In 1940, this partnership firm was incorporated as a private limited company Fairdeal Corporation (Private) Limited and in 1986 its name was changed to FDC Private Limited. Thereafter,FDC became a public limited company and was listed on the Bombay and National Stock Exchanges of India in 1996. (ii) Today, FDC carries forward the flaming spirit of its first dream, achieving accreditations from the US-FDA UK-MHRA, MCC-RSA, and the UAE,to cite a few. FDC is a forerunner in manufacturing and marketing of Oral Rehydration Salts (ORS) and Ophthalmics FDC has also set-up globally approved, multi-location manufacturing facilities for Active Pharmaceuticals Ingredients (APIs) as well as Finished Dosage Forms. These facilities are located at Roha, Waluj and Sinnar in Maharashtra, Verna in Goa and Baddi in Himachal Pradesh. FDC markets more than 300 products in India and exports many of these to over 50 countries. The financials of the company are almost static, RoCE is around 18.29% and at CMP its looks fully priced. Price difference is around 44% and acceptance ratio as per current share holding for retail will be around 3.5% as retail share holding is very high in this stock and after announcement of buyback possibility of retail holding will increase. So expected acceptance ratio would be around 10 to 15% and gain around 10% for retail investors and after that share price may go down. So we give NEUTRAL rating to this buyback.

• 1 Mr. Rajesh Pirogiwal
• 2 Mrs. Sunita Pirogiwal
• 3 Miss Tanvi Pirogiwal