Sun Pharma gains on Taro's share buyback offer

Reuters Market Eye - Sun Pharmaceutical Industries gains 1 percent after unit Taro Pharmaceutical Industries announced the start of a tender offer to buy back up to $200 million of its ordinary shares.

If the offer is fully subscribed, the number of Taro shares to be purchased in the offer represents approximately 4.6 to 5.3 percent of the unit's total outstanding shares.

Sun Pharma's stake in Taro will go up to more than 69 percent from 66 percent should the buyback be fully subscribed.

(Reporting by Abhishek Vishnoi)