The buy back is for an amount of Rs 50.24 crore and it represents less than 25 per cent of the aggregate of the Company's paid-up equity capital, Abbott India informed the stock exchanges.
The buy back will begin on August 18 and will close on September 2, 2008. Kotak Mahindra Capital Company Ltd is the manager for the deal.
Abbott Capital India Ltd, the promotor of the Indian arm currently holds 65.14 per cent of the equity of Abbott India. Institutions hold about 9.36 per cent stake in the company.
Last month, the Securities Exchange Board of India had exempted Abbott India's parent Abbott Laboratories from making an open offer for the shares of the Indian company.
The share prices of the company increased by 1.74 per cent on the Bombay Stock Exchange (BSE) today to close at Rs 550.