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The board of directors Novartis India on Monday approved buyback of up to 34.5 lakh shares at ₹670 a share, aggregating to ₹231.15 crore. In a notice to the exchanges, the company said, the targeted shares would account for about 12.26 per cent of the existing paid-up capital of the company. The board noted the intention of the promoter of the company to participate in the proposed buyback, the company statement added. The buyback is subject to approval by shareholders of the company by way of a special resolution through postal ballot and other regulatory approvals.
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