Sun Pharma buyback offer of 75 lakh shares to open on Sep 22

Sun Pharmaceutical Industries said the buyback offer of 75 lakh equity shares will open on September 22 and close on October 5. 

 

"....submitted to BSE a copy of letter of buyback offer not exceeding 75 lakh fully paid up equity shares of face value of Re 1 each at a price of Rs 900 per share on a proportionate basis through the tender offer process using stock exchange mechanism," the pharma major said in its filing. The company received final observations from the Securities and Exchange Board of India on September 7 on the draft letter of offer for the buyback dated July 4. 

 

It is going to spend maximum amount of upto Rs 675 crore for the buyback, which represents 3.79 percent of the paid-up equity share capital and free reserves (including securities premium account) as on March 31, 2016. The aggregate paid-up equity share capital and free reserves (including securities premium account) of the company was Rs 17,807.8 crore as of March 2016.

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