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Novartis India board clears share buyback worth Rs 231 cr

Shares of Novartis India were trading 6.85% down at Rs 635.85 apiece on BSE

Press Trust of India  |  New Delhi 

Novartis

Drug firm on Monday said its board has approved of up to 34.5 lakh shares, accounting for about 12.26 per cent of the existing paid up capital of the company, for up to Rs 231.15 crore.

The company's board has approved a proposal for purchase by the company of up to 34.5 lakh equity shares of Rs 5 each at a price of Rs 670 per aggregating to Rs 231.15 crore, said in a regulatory filing.

The is subject to the approval of the shareholders of the company by way of a special resolution through postal ballot and other regulatory approvals.

"The board noted the intention of the promoter of the company to participate in the proposed buyback," the company said.

Novartis has appointed as the manager of the offer.

The company, which has already formed a committee to look after the offer, said it will give out time lines of the offer in due course of time.

Shares of were 6.85 per cent down at Rs 635.85 apiece on

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Mon, September 25 2017. 15:42 IST
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