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FRONT PAGE: Piramal Healthcare to buy back up to 20% at Rs 600 a share.
from BUSINESS LINE, October 23, 2010 Mumbai, Oct. 22 - With the Rs 17,000-crore sale of its domestic formulations business to Abbott being completed in September, the board of Piramal Healthcare Ltd gave its green signal to buy back up to 20 per cent of PHL's equity shares.
The buyback at Rs 600 a share represents a premium of 19 per cent over the average share price for the last three months. The buyback will be done for a maximum of 41.8 million shares, about 20 per cent of the total number of shares, a note from the company said. It will entail a cash outflow up to Rs 2,510 crore and will be completed by February.
The board of directors, after considering various …
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