Piramal Healthcare offers Rs 2,000-cr share buyback

Piramal Healthcare on Thursday announced the buyback of 20 per cent of its total number of shares through a tender offer that will entail an outgo of Rs 2,508.16 crore.

The company shareholders, through a postal ballot, had approved the buy back of 4.18 crore shares of the firm from shareholders on a proportionate basis through the tender offer at the price of Rs 600 per share - aggregating to Rs 2,508.16 crore.

The buyback opens on January 17 and closes on February 7, Piramal Healthcare said in a filing to the Bombay Stock Exchange.

The last date of withdrawal is February 2, while last date of verification of shares has been fixed for February 17, it added.

"The last date of intimation regarding acceptance/ non acceptance and dispatch of consideration/ share certificates/ demat instruction is February 21", company said.

It further added last date of extinguishment of bought back shares has been fixed for February 28.

In the postal ballot, 13.05 crore valid votes had favoured the buyback resolution, 2.74 lakh votes did not support the resolution.

Shares of Piramal Healthcare were trading at Rs 460.05 on the BSE in the afternoon trade, down 0.51 per cent from its previous close.