Marksans Pharma's Board approves Rs60 crore Buy Back Plan

13 Jul 2022 , 09:16 AM

Marksans Pharma Limited announced that the Board of Directors of the company has approved the buyback by the company of its own fully paid-up equity shares of Rs1 each, up to a maximum price of Rs60 per share.

The aggregate buyback consideration would not exceed Rs60 crore, payable in cash.

At the buyback price of Rs60 per share and maximum offer size of Rs60 crore, the indicative maximum number of Equity Shares proposed to buyback would be 1 crore Equity shares.

The buyback will be through the Open Market Route on the Stock Exchanges from the equity shareholders/beneficial owners of the Equity Shares of the company.

The Maximum buyback represents 8.78% and 5.79% of the aggregate of the total paid-up share capital, free reserves, and securities premium of the company.

The company has made a public announcement in this regard.

At around 9.21 AM, Marksans Pharma was trading at Rs48.75 up by 0.10% from its previous closing of Rs48.70 on the NSE.