The Board of Directors of Sun Pharma approved the buy back of 4 crore shares of the company at Rs 425, a premium of 15.48 percent from the last close. It represents 1.67 percent of the total number of shares of the company.
“The public announcement setting out the process, timelines and other requisite details will be released in due course,” said the company.
Promoters, members of the promoter group and persons acting in concert are not allowed to participate in the buyback.
After the buyback, promoters will hold 55.61 percent in the company, up from the current 54.69 percent. The public shareholding will come down to 44.39 percent from the current 45.31 percent.
On March 17 at 2.03 pm, shares of the company traded at Rs 382.95, up 3.84 percent. The stock price touched a high of Rs 395.15 during the day.
The counter has fallen 11.29 percent year-to-date, while in the last one year, it is down 17.41 percent.
