Mumbai, June 23, 2016: Sun Pharma today announced that, the Board of Directors of the Company at its meeting held on June 23, 2016 approved the buyback of its fully paid up equity shares. The buyback is being undertaken by the Company to return surplus funds to the equity shareholders and thereby, enhancing the overall returns to shareholders.
Buyback Details: Maximum number of fully paid up equity shares to be bought back – 7.5 million equity shares Buyback price per share – Rs. 900 for each fully paid equity share payable in cash Buyback Mechanism – Proportionate basis through a Tender Offer. As per SEBI guidelines, 15% of the buyback offer is reserved for shareholders holding equity shares having market value of not more than Rs. 2,00,000 as on the record date. Eligibility for participation in buyback – Shareholders who hold equity shares as on the record date. Record date for buyback – July 15, 2016 Promoter’s participation – The Promoters of the Company have indicated their intention to participate in the proposed buyback in such a manner that their aggregate shareholding percentage in the Company will not fall below their current aggregate percentage shareholding.
The public announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the Buyback Regulations.
About Sun Pharmaceutical Industries Ltd.
Sun Pharma is the world's fifth largest specialty generic pharmaceutical company and India's top pharmaceutical company. A vertically integrated business, economies of scale and an extremely skilled team enable us to deliver quality products in a timely manner at affordable prices. It provides high-quality, affordable medicines trusted by customers and patients in over 150 countries across the world. Sun Pharma's global presence is supported by 47 manufacturing facilities spread across 6 continents, R&D centres across the globe and a multi-cultural workforce comprising over 50 nationalities. The consolidated revenues for 12 months ending March 2016 are approximately US$ 4.3 billion, of which US contributes US$ 2.1 billion. In India, the company enjoys leadership across 13 different classes of doctors with 30 brands featuring amongst top 300 pharmaceutical brands in India. Its footprint across emerging markets covers over 100 markets and 6 markets in Western Europe. Its Global Consumer Healthcare business is ranked amongst Top 10 across 4 global markets. Its API business footprint is strengthened through 14 world class API manufacturing facilities across the globe. Sun Pharma fosters excellence through innovation supported by strong R&D capabilities comprising about 2,000 scientists and R&D investments of over 8% of annual revenues. For further information please visit www.sunpharma.com & follow us on Twitter @SunPharma_Live