Sun Pharma share price rises 10% as board to consider share buyback

The board of directors will meet on March 17 to consider the buyback proposal and thrash out other details.

Sun Pharmaceutical Industries share price rose 10 percent intraday on March 13 after the company said it would consider buyback of shares.

In the early trade, when markets were in a tailspin, the stock touched a 52-week low of Rs 336.55.

The board of the pharma major is to meet on March 17 to consider a proposal for buyback of fully paid-up shares of the company, a press release said.

The board would consider the maximum number of equity shares, mode of buyback and other details.

The window for dealing or trading in securities of the company will close with immediate effect for all directors, designated persons and insiders and shall reopen after the expiry of 48 hours after the conclusion of the aforesaid board meeting.

At 1113 hours, Sun Pharmaceutical Industries was quoting at Rs 378, up Rs 23.15, or 6.52 percent, on the BSE.

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