Alembic Pharma has received board approval, for the share buyback proposal, at a price of Rs.80 per share via tender offer.

In a regulatory filing the company stated, “The board of directors approved the proposal for buy-back of 10.2 million equity shares of the company having face value of 2 (representing up to 3.84% of the total paid-up equity share capital of the company) at a price not exceeding Rs.80 per share for a total consideration not exceeding Rs.820 million.”

Further it added that, the buyback will be from all the equity shareholders of the company including promoters and members of promoter group, as on the record date, on a proportionate basis through the tender offer route, using stock exchange mechanism.

Read EquityPandit’s Technical Analysis of Nifty Pharma Outlook for the Week