The buyback is being undertaken by the company to return surplus funds to the equity shareholders
Sun Pharma has completed buyback of shares worth Rs 675 crore to return surplus funds to its shareholders. “The company on October 18 completed buyback of 75 lakhs fully paid-up shares of the face value of Rs 1 each (representing about 0.31 per cent of the total outstanding pre-buyback shares of the company) at a price of Rs 900 per share for an aggregate amount of Rs 675 crore,” Sun Pharma said in a BSE filing.
In June this year, the company had announced its decision to buy back shares. “The buyback is being undertaken by the company to return surplus funds to the equity shareholders, enhancing the overall returns to the shareholders,” the company had earlier said.
As per Sebi guidelines, 15 per cent of the buyback offer is reserved for shareholders holding shares having a market value of not more than Rs 2,00,000 as on the record date. Sun Pharma is the world’s fifth-largest speciality generic pharmaceutical company and its products are available in over 150 countries. Its global presence is supported by 47 manufacturing facilities.
Its consolidated revenue for 12 months to March 2016 stood at about USD 4.3 billion, of which the US contributed $2.1 billion.
EP News Bureau