Merck, the global pharma major, plans buy back of equity shares.
In a communication to the exchanges, the company said that, its board of directors has approved the buy back. The company will purchase its fully paid equity shares of the face value of Rs 10 up to an amount of Rs 45.11 crore being not more than 10 per cent of the total paid up capital at a maximum price not exceeding Rs 435 per share.
The company will buyback these shares on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE), through open market purchases.
Merck is currently trading at Rs 395.45, up almost 5% from its previous close.