Sun Pharma said timelines and other details will be released in due course in accordance with the buy-back regulations
The company's shares were trading higher in afternoon trade
The board of Sun Pharma today approved a ₹1,700 crore share buyback offer at a maximum price of ₹425 per share. At the maximum buy-back size and the maximum buy-back price, the indicative maximum number of equity shares to be bought back under the buy-back would represent 1.67% of the total number of equity shares of the company, Sun Pharma said.
Sun Pharma also said the process, timelines and other requisite details of the buyback offer will be released in due course in accordance with the Buy-back regulations.
Sun Pharma shares were trading 4% higher at ₹382 in noon trade as compared to a flat broader market. As of March 13, 2020, promoters held 54.69% stake in the company.
Last month, Sun Pharma had said that its wholly-owned subsidiary had launched Riomet ER, used to treat type 2 diabetes mellitus, in the US market.
Riomet ER is the first and only US Food and Drug Administration (FDA) approved liquid formulation of extended release metformin. The US health regulator had approved the drug on August 29, 2019.
For the quarter ended December 31, 2019, Sun Pharma had reported a 26.43% decline in its consolidated net profit to ₹913.52 crore for the quarter ended December 31, 2019 mainly due to rise in expenses.
The company had posted a net profit of ₹1,241.85 crore for the corresponding period of the previous fiscal.
Consolidated income from operations of the company stood at ₹8,038.65 crore for the quarter under consideration. It was ₹7,656.71 crore for the same period a year ago. (With Agency Inputs)