Piramal Healthcare announces Rs 2,508.16 cr share buyback

The company shareholders through a postal ballot had approved the buy back of 4,18,02,629 shares of the firm, from the shareholders on a proportionate basis through the tender offer at price of Rs 600 per share, aggregating to Rs 2,508.16 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 (BSE).

The last date of withdrawal is February 2, 2011 while last date of verification of shares has been fixed for February 17, 2011, it added.

"The last date of intimation regarding acceptance/ non acceptance and dispatch of consideration/ share certificates/ demat instruction is February 21, 2011", company said.

It further added that 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 Piramal Healthcare was today trading at Rs 460.05 on the BSE in the afternoon trade, down by 0.51 per cent from its previous close.