Piramal Healthcare on Thursday announced the buyback of 20% of its total number of shares through a tender offer that will entail an outgo of Rs 2,508 crore.
Shareholders through a postal ballot had approved the buy back of 4,18,02,629 shares of the firm, from shareholders on a proportionate basis through the tender offer at price of Rs 600 per share, aggregating to Rs 2,508 crore.
The buyback opens on January 17, 2011 and closes on February 7, 2011, Piramal Healthcare said in a filing to the Bombay Stock Exchange.
The last date of withdrawal is February 2, 2011 while the last date of verification of shares has been fixed for February 17, 2011.
"The last date of intimation regarding acceptance/non acceptance and dispatch of consideration/share certificates/demat instruction is February 21, 2011," the company said.
The last date of extinguishment of bought back shares has been fixed for February 28, 2011.
In the postal ballot, 13.05 crore valid votes had favoured the buyback resolution, 2.74 lakh votes did not support the resolution.
Share of the company were trading at Rs 460 on the BSE in afternoon trade, down by 0.5%. It ended at Rs 456, down 1.6%, or 7.6 points.