Sun Pharmaceutical Industries has received approval for Rs 1,700 crore share buyback offer at a maximum price of Rs 425 per share from the open market. At the maximum buy-back size and the maximum buy-back price, the indicative maximum number of equity shares to be bought back under the buy-back would be 4 crore equity shares which represents 1.67 per cent of the total number of equity shares of the company.
However, the actual number of equity shares to be bought back during the buy-back will depend upon the actual price paid (excluding the Transaction Costs) for the equity shares bought back and the aggregate actual amount utilised in the buy-back. The board directors of the company at its meeting held on March 17, 2020 has approved the same.
Sun Pharmaceutical Industries is the world’s fourth largest specialty generic pharmaceutical company and India’s top pharmaceutical company.
