New Delhi, Jan. 24 (PTI): GlaxoSmithkline Consumer Healthcare Ltd today said it would buy back up to 25 per cent share capital worth up to Rs 123.03 crore.

The shareholders, through a postal ballot, approved the buyback of shares of Rs 10 each at a price not exceeding Rs 370 apiece, the company has informed the Bombay Stock Exchange.

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

The board of directors of GlaxoSmithkline Consumer Healthcare had on January 20 approved the buyback proposal subject to shareholder approval. The company?s share prices are currently trading at around Rs 322 on the bourses.

GCHL, with a major presence in the domestic nutritional drinks market, has brands like Boost, Horlicks, Viva and Maltova under its fold. It also manufactures over-the-counter drugs.

The company posted a net profit of Rs 22.58 crore for the quarter ended September 30 compared with Rs 16.45 crore in the corresponding period last year.