Piramal Healthcare today said its shareholders have approved a proposal to buyback 20 per cent of its total number of shares that will entail an outgo of Rs 2,508.16 crore.
The company's shareholders through a postal ballot have approved to buy back 4,18,02,629 shares of the firm, from the shareholders on a proportionate basis through the tender offer at price of Rs 600 per share, aggregating to Rs 2,508.16 crore, Piramal Healthcare said in a filing to the Bombay Stock Exchange (BSE).
A resolution seeking shareholders nod for contributing to charitable and other funds up to an amount of Rs 200 crore, has also been approved by the shareholders, it added.
"Both the resolutions have been approved by the shareholders with overwhelming requisite majority", Piramal Healthcare said.
While 13.05 crore valid votes favoured the buyback resolution, 2.74 lakh votes did not support the resolution.
Shares of Piramal Healthcare today closed at Rs 440.50 on BSE, down 0.10 per cent from its previous close.