Drug major Sun Pharmaceutical Industries on Tuesday said its board has approved Rs 1,700 crore share buyback offer at a maximum price of Rs 425 per share.

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In a regulatory filing the company said that the board of directors of the company, at its meeting held on Tuesday has approved the buyback of its equity shares from the open market at a maximum price of Rs 425 per share for an aggregate maximum amount of up to Rs 1,700 crore.

"At the maximum buy-back size and the maximum buy-back price, the indicative maximum number of equity shares to be bought back under the buy-back would be four crore equity shares which represents 1.67 percent of the total number of equity shares of the company," the filing said.

However, the actual number of equity shares to be bought back during the buy-back will depend upon the actual price paid (excluding the transaction costs) for the equity shares bought back and the aggregate actual amount utilised in the buy-back, the filing said.

The filing further added that the public announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the buy-back regulations.

This represents 9.83 percent of the total paid-up equity share capital of the company, it added.

Shares of Sun Pharmaceutical Industries were trading at Rs 380.70 apiece on BSE, up 3.23 percent from its previous close.

First Published:Mar 17, 2020 4:01 PM IST