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Sun Pharma closes share buyback offer period; stock jumps 5%

The drug major is looking to expand its specialty business across different regions like Greater China and Japan after having established presence in the US market

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In March 2020, Sun Pharma had launched a buyback offer to buy back 40 million shares at a price up to Rs 425 per equity share

SI Reporter Mumbai

3 min read Last Updated : Sep 28 2020 | 3:00 PM IST

Shares of Sun Pharmaceutical Industries moved higher by 5 per cent to Rs 512 on the BSE on Monday after the company announced closure of buyback of equity shares of the company on Friday, September 25, 2020. The pharmaceutical company has not purchased any shares under buyback offer as the market price was higher than the buyback price.

"No equity shares have been bought back under the buyback as the volume weighted average market price of equity shares of the company during the buyback period was higher than the maximum buyback price," Sun Pharma said in a post market hours-exchange filing

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