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Buyback Approval At Rs. 670 Per Share Pushes Novartis Scrip Down By 9%
The buyback at a disappointing price for investors has weaken the sentiments of the scrip in trade today which has been outperforming the Sensex since a month's time.
The board of Novartis has approved a share buyback plan for Novartis and a lower price band of Rs. 670 per share decided for the buyback has drifted the stock southwards on price.
After slipping to Rs. 626 in noon hours on the BSE, the stock was last seen trading at Rs. 636. The buyback price is 2% lower than the Friday's closing price of the stock which was Rs. 683 and it shall comprise a buyback of as many as 3.45 million equity shares of the company which represents close to 12% of the total paid up equity base of the company.
In the quarter ended June for the FY2017-18, the company's equity holding was largely with promoters of the company while the remaining rested with the public.
As against the benchmark Sensex, the stock has performed substantially good and saw a surge of almost 17% in one month's time.
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