Chennai, March 8 The board of Natco Pharma on Wednesday approved a proposal to buyback up to 30 lakh shares at a price not exceeding ₹700 a share for an aggregate amount not exceeding ₹210 crore. Shares of Natco Pharma closed 0.33 per cent hgher at ₹568 on the BSE.
The company will buy the shares from the shareholders excluding promoters, promoter group and persons who are in control of the company, from open market.
At the maximum buyback price and for the maximum buyback size, the indicative maximum number of equity shares bought back would be 30 lakh, which is 1.64 per cent of the total number of paid-up shares of the company. If the equity shares are bought back at a price below the maximum price, the actual size could exceed.