The record date for buyback is July 15, 2016
Sun Pharma announced that the Board of Directors of the company at its recently held meeting approved the buyback of its fully paid up equity shares. The buyback is being undertaken by the company to return surplus funds to the equity shareholders and thereby, enhancing the overall returns to shareholders.
The maximum number of fully paid up equity shares to be bought back is 7.5 million. Buyback price per share is Rs 900 for each fully paid equity share payable in cash. The buyback mechanism will be via proportionate basis through a tender offer. Shareholders who hold equity shares as on the record date will be eligible and the record date for buyback is July 15, 2016. The promoters of the company have indicated their intention to participate in the proposed buyback in such a manner that their aggregate shareholding percentage in the company will not fall below their current aggregate percentage shareholding.
The public announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the buyback regulations.