Sun Pharmaceutical Industries Ltd. will buyback shares worth up to Rs 1,700 crore, the drugmaker said in a statement to the exchanges.
The board of directors of the company today approved buying back four crore shares, or 1.67 percent of the total equity, at a maximum price of Rs 425 apiece from the open market. The promoters and members of the promoter group will not participate in the buyback.
“The timelines and other requisite details will be released in due course in accordance with the buy-back regulations,” the statement said. The buyback price has been set at a 10 percent premium to the current market price.
Shares of the drugmaker were up nearly a percent at Rs 369 apiece on the BSE, compared with a decline of 2.64 percent in the S&P BSE Sensex Index.
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