The board of directors of Taro Pharmaceutical Industries on Wednesday approved a USD 250 million share repurchase authorisation of its ordinary shares.
Repurchases may be made from time to time at the company's discretion, based on ongoing assessments of the capital needs of the business, the market price of its stock, and general market conditions, the company said in a statement.
"No time period has been set for the repurchase programme, and any such programme may be suspended or discontinued at any time," Taro said.
Taro Pharmaceutical Industries develops, manufactures and markets generic and branded prescription and over-the-counter (OTC) pharmaceutical products.
In 2010, Sun Pharma ending a three-year-long battle had acquired a controlling stake in Taro pursuant to entering an agreement with then promoters of Taro led by then Chairman Barrie Levitt in 2007.