Claris Lifesciences is trading higher by 3% at Rs 187 after the pharmaceutical company announced to buyback of up to 9.25 million equity shares at a price of Rs 250 per share through the tender offer process.
The stock opened at Rs 188 and hit a high of Rs 195 on the BSE. Till 1000 hours, around 189,000 shares already changed hands on the counter against an average 40,000 shares that were traded daily in past two weeks on the BSE.
The company said it will buy-back shares aggregating 9.25 million shares representing 14.49% of its total equity capital from shareholders for a total of Rs 231.25 crore, 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, it added.
As on December 31, 2013 the promoter and promoter group had a holding of 60.21% stake in the company.
Foreign institutional investors held 14.86% stake, followed by domestic institutional investors (11.42%), while the remaining 13.51% holdings are with the individual shareholders and others.
The stock opened at Rs 188 and hit a high of Rs 195 on the BSE. Till 1000 hours, around 189,000 shares already changed hands on the counter against an average 40,000 shares that were traded daily in past two weeks on the BSE.
The company said it will buy-back shares aggregating 9.25 million shares representing 14.49% of its total equity capital from shareholders for a total of Rs 231.25 crore, 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, it added.
As on December 31, 2013 the promoter and promoter group had a holding of 60.21% stake in the company.
Foreign institutional investors held 14.86% stake, followed by domestic institutional investors (11.42%), while the remaining 13.51% holdings are with the individual shareholders and others.
