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Novartis India to buy back shares worth over Rs 231 cr
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SME Times News Bureau | 25 Sep, 2017
Pharma major Novartis India on
Monday said that it will buy back shares worth Rs 231.15 crore
representing 12.26 per cent of the total paid up equity capital.
According
to a BSE filing, the company's "Board of Directors" in a meeting held
on Monday approved the proposal for a buyback of up to 3,450,000 equity
shares of Rs 5 each at a price of Rs 670 per equity share.
"The
buyback would be subject to approval of the share-holders of the company
by way of a special resolution through postal ballot and all other
applicable statutory approvals," the company informed the BSE in a
regulatory filing.
"The board has constituted 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."
Besides
the buyback announcement, the pharma firm further said that it has
appointed Trivikram Guda, as Company Secretary and as the Compliance
Officer for the purpose of buyback of shares.
The company's scrip
at the BSE traded down Rs 52.20 or 7.65 per cent at Rs 630.40 from its
previous close of Rs 682.60 on last Friday.
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