Mumbai: Taro Pharmaceutical Industries Ltd, the Israeli subsidiary of Sun Pharmaceutical Industries Ltd, on Wednesday said its board has approved the repurchase of shares worth $250 million.

Repurchases may be made from time to time at the company’s discretion, based on ongoing assessments of the capital needs of the business, the market price of its stock, and general market conditions. No time period has been set for the repurchase programme, and any such programme may be suspended or discontinued at any time, the company said in a statement.

The repurchase authorization enables the company to purchase its ordinary shares from time to time through open market purchases, negotiated transactions, it said.

Taro had reported about 9% growth in its net sales at $258 million for quarter ended 31 December.

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