Natco Pharma Limited on Friday announced the share buyback schedule commencing on November 19. Last week, the company board decided to buy back shares for a price of Rs 1,000 per share from the open market by spending a maximum of Rs 2.5 billion.
While announcing the schedule, the company said the buyback of shares to an extent of at least 50 per cent of the amount earmarked for this purpose would be completed within six months from the scheduled buyback date. The price of shares determined for buyback comes at a premium of little over 40 per cent of the closing price of company shares on October 26, 2018.
The company has proposed to buy a minimum number of 1.25 million shares from the open market route in the six-month period.
The promoters and promoter group hold 48.25 per cent shares in the company, while 24.31 per cent equity shares are held by foreign institutional investors under the public shareholding classification.