Sun Pharma to consider buyback in board meeting next week

Sun Pharmaceutical Industries Limited has announced that the company is set to organise a meeting next week to consider and approve buyback proposal of fully paid-up equity shares of the company.

In an exchange filing released on Thursday after market hours, the company informed that the meeting of its board of directors is scheduled to take place on March 17, 2020 wherein, the pharma major would consider buyback of fully paid up equity shares including maximum amount & number of equity shares and also, the mode of buyback.

Sun Pharma added that the board of directors would discuss these matters in accordance with the provisions of Companies Act 2013 (Sections 68 to 70) as well as (Buy-back of Securities) Regulation, 2018 of SEBI rules.

Meanwhile, trading in securities of the company would be closed for people attending this meeting as well as for all insiders. It would be resumed after 48 hours of conclusion of the meeting.   

At the time of market closing on Friday, the stock of Sun Pharma was trading at Rs 384.45, up by 8.34 per cent against its previous close of Rs 354.85 on BSE.