BackClaris Life board approves buy back of 14.49% shares
The buy-back proposal is subject to the approval of shareholders and regulatory compliances required under applicable laws
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Mumbai: Intravenous fluids and injectable drugs maker Claris Lifesciences Ltd on Tuesday said it will spend ₹ 231.25 crore to buy back stocks from public shareholders.
“The board has approved a buy-back of up to 9,250,000 equity shares, which forms 14.49% of the company’s total equity base, at a price of ₹ 250 per share," the Ahmedabad-based company said in a filing with the stock exchanges.
The buy-back price is around a 27% premium to Tuesday’s closing price of ₹ 197.40 per share at the BSE.
The buy-back proposal is subject to the approval of shareholders by way of a special resolution through postal ballot and regulatory compliances required under applicable laws.
The Claris board said it will pay an interim dividend of ₹ 9 a share to shareholders.
On Tuesday, Claris Life shares fell 0.35% to ₹ 197.40, after rising as much as 4.24% to ₹ 206.50 in intra-day trading on the BSE. The benchmark Sensex fell 0.45% to 20,693.24 points.
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