Glaxo shareholders approve 25% buyback

Glaxosmithkline Consumer Healthcare today said it would buy back upto 25% equity share capital worth up to Rs 123.03 crore.

The members of the company, through a postal ballot, approved the buyback of equity shares of Rs 10 each at a price not exceeding Rs 370 per equity share, it informed the BSE.

The amount of shares to be bought back would constitute 25% of the paid-up equity share capital and free reserves of the company as on December 31, 2003, it added.

The board of directors of Glaxosmithkline Consumer Healthcare had on January 20 approved the buy back proposal subject to shareholder approval.

The company's share prices are currently trading at around Rs 322 on the bourses.