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    • Sun Pharma nod to Rs...

    Sun Pharma nod to Rs 1,700 crore share buy-back offer at Rs 425 each

    Medical Dialogues BureauWritten by Medical Dialogues Bureau Published On 2020-03-17T17:18:42+05:30  |  Updated On 17 March 2020 5:20 PM IST
    Sun Pharma nod to Rs 1,700 crore share buy-back offer at Rs 425 each

    New Delhi: Indian Drug giant Sun Pharmaceutical Industries has announced that its board has approved Rs 1,700 crore share buyback offer at a maximum price of Rs 425 per share.

    In a regulatory filing, Sun Pharma has announced that the Board of Directors of the Company, at its meeting held yesterday has, inter alia, approved the buy-back by the Company of its equity shares of the face value of Re. I/- each ("Equity Shares") from the Open Market through stock exchange mechanism as prescribed under the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018 ("Buy-back Regulations") at a maximum price of Rs. 425/- (Rupees Four Hundred Twenty Five Only) per Equity Share ("Maximum Buy-back Price") payable in cash, for aggregate the maximum amount of up to Rs. 1700,00,00,000/- (Rupees One Thousand Seven Hundred Crores Only) excluding transaction costs viz. brokerage, advisor's fees, intermediaries fees, public announcement publication fees, filing fees, turnover charges, applicable taxes such dS securities transaction tax, goods and services tax, income tax, stamp duty and other incidental and related expenses ("Transaction Costs") ("Maximum Buy-back Size"), which represents 9 .83% and 4.44% of the total paid-up Equity Share capital and free reserves (including Securities Premium Account) as per the latest audited standalone financial statements and audited consolidated financial statements, respectively of the Company for the financial year ended March 3 I, 2019, from the equity shareholders/beneficial owners of Equity Shares of the Company, except Promoter(s), members of Promoter Group and Persons acting in concert (" Buy-back").

    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 4,00,00,000 (Four Crores) Equity Shares which represents 1.67% 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 public announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the Buy-back Regulations.

    sun-pharmabuy-backsun pharma share

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    Medical Dialogues Bureau
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      Medical Dialogues Bureau consists of a team of passionate medical/scientific writers, led by doctors and healthcare researchers.  Our team efforts to bring you updated and timely news about the important happenings of the medical and healthcare sector. Our editorial team can be reached at editorial@medicaldialogues.in. Check out more about our bureau/team here

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