Piramal Healthcare Ltd on Thursday announced the buyback of 20% of its total number of shares through a tender offer that will entail an outgo of Rs2,508.16 crore.
The company shareholders through a postal ballot had approved the buy back of 4,18,02,629 shares of the firm from the shareholders on a proportionate basis through the tender offer at price of Rs600 per share, aggregating Rs2,508.16 crore.
The buyback opens on 17 January 2011 and closes on 7 February 2011, Piramal Healthcare said in a filing to the Bombay Stock Exchange (BSE).
The last date of withdrawal is 2 February 2011 while last date of verification of shares has been fixed for 17 February 2011, it added.
"The last date of intimation regarding acceptance/non-acceptance and dispatch of consideration/ share certificates/demat instruction is 21 February 2011," the company said.
It further added that last date of extinguishment of bought back shares has been fixed for 28 February 2011.
In the postal ballot, 13.05 crore valid votes had favoured the buyback resolution, 2.74 lakh votes did not support the resolution.
On Thursday, Piramal Healthcare ended 1.63% down at Rs454.85 on the BSE, while the benchmark Sensex declined 2.31% to 19,242.36 points.
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