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Sun Pharma buyback at Rs 375 per share

Mumbai, Oct. 28: Sun Pharmaceutical Industries Ltd today announced a buyback price of up to Rs 750 per equity share of Rs 10 each, or a maximum price of Rs 375 per equity share of Rs 5 each.

The company reported a net profit of Rs 53.31 crore for the quarter ended September 30, up 11 per cent from Rs 48.19 crore a year ago.

Total sales during this period increased to Rs 216.64 crore, from Rs 196.15 crore in the second quarter of the last fiscal. However, other income fell from Rs 2.26 crore to Rs 1.18 crore this year.

In a submission to the stock exchanges, Sun Pharma also announced that its board has approved the split of the company’s equity shares of Rs 10 each into two equity shares of Rs 5 each, subject to shareholders’ approval at the extraordinary general meeting to be held on December 20.

“The board has decided to buy back, subject to the approval of equity shareholders by way of postal ballot and other such approvals if any required, a maximum of two million equity shares of Rs 10 each or a maximum of four million equity shares of Rs 5 each under the open market route for a maximum outlay of Rs 120 crore at a maximum price of Rs 750 per equity share of Rs 10 each or Rs 375 per equity share of Rs 5 each,” it added.

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