Hyderabad-based pharmaceutical company Natco Pharma said on Wednesday that the company’s board has approved the maximum buyback. 210 crores for 30 lakh fully paid-up equity shares of face value 2 on each 700 per share through the open market.
“Approved the proposal for buyback by the Company of up to 30,00,000 (Thirty Lakh) fully paid-up Equity Shares of Rs. 2/- (Rupees Two only) each (“Equity Shares”) of a value not exceeding Rs.700/- (Rupees Seven Hundred only) per Equity Share (“Maximum Buyback Price”) payable in cash for an aggregate amount of Rs.210,00,00,000/- (Rupees Seven Hundred only) hundred ten crore rupees) (the “Maximum Buyback Price” size”), from the shareholders of the Company, other than the promoters, promoter group and persons in control of the company, through the “open market” route through the stock exchange mechanism. Via,” the drug firm said in a filing.
On Wednesday, the shares of the company were trading with a gain of 0.47 per cent. 571.15 per share on the NSE.
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