Sun Pharma's Board Aprroves Share Buyback Worth Rs 1,700 Crore

On Tuesday, Sun Pharmaceuticals Industries Ltd in a stock exchange filing said that its board has approved share buyback worth Rs 1,700 crore.

The company said that it will be buy back its equity shares of the face value of Re 1 each from the Open Market at a maximum price of Rs 425 per share for an aggregate maximum amount of up to Rs 1,700 crore excluding transaction costs.

The maximum buy-back size would be 4,000 crore shares, representing 1.67 percent of its total equity.

The offer price of Rs 425 per share is at a 15.48 percent premium than that company's previous close of Rs 368.80.

Shares of Sun Pharma were trading higher on Tuesday, touching an intraday high of Rs 395.15 per share.

Post the buyback, the promoters' holding in the company would increase from 54.69 percent to 55.61 percent. Public shareholders holding will reduce to 44.39 percent.

"The public announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the Buy-back Regulations," the filing added.