Claris Lifesciences has dipped nearly 8% to Rs 158 on back of heavy volumes on the Bombay Stock Exchange (BSE). The stock is turns ex-buyback of shares today.
The pharmaceutical company has fixed April 02 as the record date for purpose of determining entitlement and names of equity shareholders, to whom the letter of offer and tender form will be sent and who are eligible to participate in the buyback offer.
The company has proposed to buyback up to 9.25 million shares, representing 15%t of the paid up capital at Rs 250 per share aggregating to Rs 231.25 crore.
The buy back is proposed to be implemented by the company through tender offer process from equity shareholders on a proportionate basis, the company said in its filing.
At 1035 hours, around 236,000 shares already changed hands against an average 282,000 shares that were traded daily in past two weeks on the BSE. The stock opened at Rs 165 and touched a low of Rs 154 so far.
The pharmaceutical company has fixed April 02 as the record date for purpose of determining entitlement and names of equity shareholders, to whom the letter of offer and tender form will be sent and who are eligible to participate in the buyback offer.
The company has proposed to buyback up to 9.25 million shares, representing 15%t of the paid up capital at Rs 250 per share aggregating to Rs 231.25 crore.
The buy back is proposed to be implemented by the company through tender offer process from equity shareholders on a proportionate basis, the company said in its filing.
At 1035 hours, around 236,000 shares already changed hands against an average 282,000 shares that were traded daily in past two weeks on the BSE. The stock opened at Rs 165 and touched a low of Rs 154 so far.