Updated:29 Mar 2017 03:39:00 PM(IST)
|Bse Corporate Announcements||Back|
|Board of Sun Pharmaceutical Industries approves buyback of shares for aggregate Rs 675 cr|
|Sun Pharmaceutical Industries announced that the Board of Directors of the Company at its meeting held on 23 June 2016, inter alia, has approved the buyback by the Company of its fully paid up Equity Shares of face value of Re. 1/- (Rupee One only) each ("Equity Shares") not exceeding 75,00,000 (Seventy Five Lakhs) Equity Shares (representing up to 0.31% of the total paid-up Equity Share capital of the Company) at a price of Rs. 900/- (Rupees Nine Hundred only) per Equity Share payable in cash for an aggregate amount of up to Rs. 675 crore (Rupees Six Hundred and Seventy Five crores only) excluding transaction costs viz. brokerage, securities transaction tax, service tax, stamp duty, etc., which is approximately 3.79% of the fully paid-up Equity Share capital and free reserves (including securities premium account) as per the latest audited standalone balance sheet of the Company for the financial year ended 31 March 2016 on a proportionate basis through the "Tender Offer" route using stock exchange mechanism as prescribed under Securities and Exchange Board of India (Buy Back of Securities) Regulations, 1998 (the "Buyback Regulations") and the Companies Act, 2013 (the "Act") and rules made thereunder from the Equity shareholders of the Company who hold Equity Shares as on the record date ("Buyback").
The Promoter, members of the Promoter Group and Persons in Control of the Company have indicated their intention to participate in the proposed Buyback in such a manner that their aggregate shareholding percentage in the Company will not fall below their current aggregate percentage shareholding.
The public announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the Buyback Regulations.