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The board of Eris Lifesciences on Wednesday approved a buyback proposal for purchase up to 17.39 lakh shares (being about 1.26 per cent of the total paid-up equity capital of the company) at a price of ₹575 a share. This works out to a maximum aggregate amount of ₹100 crore, which is less than 25 per cent of the aggregate paid-up equity share capital and free reserves (including securities premium account) of the company as on March 31, 2019.
The buyback woul be on a proportionate basis through the tender offer route. The board also noted the intention of promoters not to participate in the buyback. Our Bureau
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