New Delhi: Sun Pharma said it will buy back shares worth Rs 675 crore at Rs 900 a piece on proportionate basis. “The buyback is being undertaken to return surplus funds to the equity shareholders and thereby, enhancing the overall returns to shareholders,” Sun Pharma said.
The promoters of the company intend to participate in the buyback offer, while maintaining their aggregate shareholding in the company. Promoters held 54.97% stake in the Mumbai-based company. Shares of the firm rose 1.59% at Rs 751.70 apiece from previous close on BSE.
