Drug firm Novartis India today said its board has approved buyback of up to 34.5 lakh shares, accounting for about 12.26 per cent of the existing paid up capital of the company, for up to Rs 231.15 crore.
The company's board has approved a buyback proposal for purchase by the company of up to 34.5 lakh equity shares of Rs 5 each at a price of Rs 670 per share aggregating to Rs 231.15 crore, Novartis India said in a regulatory filing.
The buyback is subject to the approval of the shareholders of the company by way of a special resolution through postal ballot and other regulatory approvals.
"The board noted the intention of the promoter of the company to participate in the proposed buyback," the company said.
Novartis has appointed Ambit Private Capital Ltd as the manager of the buyback offer.
The company, which has already formed a buyback committee to look after the offer, said it will give out time lines of the offer in due course of time.
Shares of Novartis India were trading 6.85 per cent down at Rs 635.85 apiece on BSE.