Piramal Healthcare announces 2,508.16 cr share buyback

Piramal Healthcare announces 2,508.16 cr share buyback

New Delhi: Piramal Healthcare on Thursday announced the buyback of 20% of its total number of shares through a tender offer that will entail an outgo of 2,508.16 crore.

The company shareholders through a postal ballot had approved the buy back of 4,18,02,629 shares of the firm, from the shareholders on a proportionate basis through the tender offer at price of 600 per share, aggregating to 2,508.16 crore.

The buyback opens on 17 January, 2011 and closes on 7 February, 2011, Piramal Healthcare said in a filing to the Bombay Stock Exchange (BSE).

The last date of withdrawal is 2 February, 2011 while last date of verification of shares has been fixed for 17 February, 2011, it added.

“The last date of intimation regarding acceptance/ non acceptance and dispatch of consideration/ share certificates/ demat instruction is 21 February, 2011", company said.

It further added that last date of extinguishment of bought back shares has been fixed for 28 February, 2011.

In the postal ballot, 13.05 crore valid votes had favoured the buyback resolution, 2.74 lakh votes did not support the resolution.

Share of Piramal Healthcare was today trading at 460.05 on the BSE in the afternoon trade, down by 0.51% from its previous close.