Unichem Laboratories has received its board’s approval for buyback proposal. The company is planning to buy 2.06 crore equity shares (being less than 25 per cent of the total paid-up equity capital of the company) at a price of Rs 430 a share for an aggregate amount not exceeding Rs 885.80 crore. The buyback would be on proportionate basis through the tender offer route and the company will announce the record date later.
Unichem Laboratories is an international, integrated, specialty pharmaceutical company. It manufactures and markets a large basket of pharmaceutical formulations as branded generics as well as generics in India and several other markets across the world.
