Sun Pharma today said it will buy back shares worth Rs 675 crore to return surplus funds to its shareholders.
"The Board of Directors of the company at its meeting held on June 23, 2016 approved the buyback of its fully paid up equity shares. The buyback is being undertaken by the company to return surplus funds to the equity shareholders and thereby, enhancing the overall returns to shareholders," Sun Pharma said in a statement.
The maximum number of fully paid up equity shares to be bought back will be 7.5 million at Rs 900 for each fully paid equity share payable in cash, it added.
As per Sebi guidelines, 15 per cent of the buyback offer is reserved for shareholders holding equity shares having market value of not more than Rs 2,00,000 as on the record date.
The record date for buyback has been set for July 15, 2016.
"The promoters of the company have indicated their intention to participate in the proposed buyback in such a manner that their aggregate shareholding percentage in the company will not fall below their current aggregate percentage shareholding," it said.
The announcement came after the market closed for the day. Shares of the company closed at Rs 751.70 apiece, up 1.59 per cent from the previous close on BSE.
Sun Pharma is the world's fifth largest specialty generic pharmaceutical company and its products are available in over 150 countries. Its global presence is supported by 47 manufacturing facilities.
Its consolidated revenues for 12 months ending March 2016 stood at about USD 4.3 billion, of which US contributed USD 2.1 billion.
