Claris to buy-back 14.49% stake for Rs 231.25 cr

Ahmedabad-based pharmaceutical firm Claris Lifesciences will buy-back shares aggregating 14.49 per cent of its total equity capital from shareholders for a total of Rs 231.25 crore.
The company said it will buy-back up to 92.5 lakh shares of face value Rs 10 each at a price of Rs 250.
"The objective of the buy-back is to return surplus cash to the equity shareholders of the company," Claris said in a filing to the BSE.
The buy-back through tender offer route gives an option to all the equity shareholders, including the promoter shareholders, to receive the surplus cash by participating in it, the company added.

The process is being implemented through the tender offer route and would involve allocation of 15 per cent of the outlay to small shareholders, it said.
"The company believes that this reservation of 15 per cent for small shareholders would benefit a large number of public shareholders who would get classified as 'small shareholders'," it added.

As on February 1, 2014 the promoter and promoter group had a holding of 60.21 per cent stake in the company.
After selling its infusion business for India and emerging markets to Claris Otsuka Ltd -- a joint venture wherein Otsuka Pharmaceutical Factory, Inc, Japan; Mitsui & Co. Ltd, Japan and Claris held 60 per cent, 20 per cent and 20 per cent, respectively -- the board of Claris at its meeting held on January 7, 2014 "considered various alternatives for rewarding the equity shareholders".

"After considering several factors and benefits to the equity shareholders, the Board of Directors decided to recommend buy-back of up to 92,50,000 equity shares representing 14.49 per cent of the total number of the equity share capital of the Company," the company said.
Axis Capital Ltd is the manager to the buy-back offer.