The promoter and promoter group’s stake, in the event of the maximum buyback, will increase from 48.82% to 49.63%.
| Photo Credit: AP
Natco Pharma has got the board approval for a ₹210 crore share-buyback proposal.
The company said under the proposal it will take the open market route to buy back upto 30 lakh equity shares, of face value ₹2 each, for a price not exceeding ₹700 per share. The maximum buyback price is more than 23% higher compared with the ₹568 at which Natco Pharma shares ended on Wednesday at the BSE.
At the maximum buyback price and size, the indicative maximum number of shares to be bought back would be 30 lakh, which will be 1.64% of the paid-up equity shares, the drugmaker said intimating the stock exchange about the Board approval.
The promoter and promoter group’s stake, in the event of the maximum buyback, will increase from 48.82% to 49.63%, while the public shareholding will decline to 50.37% from the present 51.18%.
The public announcement setting out the process, timelines, minimum buyback size and other details will be released in course in accordance with the buyback regulations, the company said.
