Natco Pharma Limited announced via an exchange filing, that the Board of Directors of the company at its meeting held on 8th March, 2023 has inter alia:
1. Approved a proposal to buyback by the company up to 30,00,000 fully paid-up equity shares of face value of Rs 2 each at a price not exceeding Rs 700 per equity share, payable in cash for an aggregate amount not exceeding 210,00,00,000, from the shareholders of the company excluding promoters, promoter group and persons who are in control of the company, via the 'Open Market' route through the stock exchanges mechanism.
The route should be using the electronic trading facilities of BSE Limited and the National Stock Exchange of India Limited, in accordance with the provisions under the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018, as amended (the Buyback Regulations) and the Companies Act, 2013.
2. At the Maximum Buyback Price and for the Maximum Buyback Size, the indicative maximum number of Equity Shares bought back would be 30,00,000 equity shares which is 1.64% of the total number of paid-up Equity Shares of the company.
3. The formation of a Buyback Committee and delegated its powers to the Buyback Committee to do all such acts, deeds, matters and things as it may, in its absolute discretion, deem necessary, expedient, usual or proper in connection with the Buyback.
4. Appointment of Venkat Ramesh Chekuri, Company Secretary & Compliance Officer of the Company as the 'Compliance Officer' for the purpose of the Buyback.
5. M/s. DAM Capital Advisors Limited, a SEBI Registered Merchant Banker, has been appointed as the Manager to the Buyback.
6. The public announcement setting out the process, timelines, Minimum Buyback Size and other requisite details will be released in due course in accordance with the Buyback Regulations.
