Drug firm Novartis India
on Monday said its board has approved buyback
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 buyback
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 share
aggregating to Rs 231.15 crore, Novartis India
said in a regulatory filing.
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.
The company, which has already formed a buyback
committee to look after the offer, said it will give out time lines of the offer in due course of time.
(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.)