Today the board of Sun Pharma has approved Rs 1,700 crore shares at buyback offer at a maximum price of Rs 425 per share. According to the company, at maximum buyback size and the maximum buyback price indicate a maximum number of equity shares. The company’s share was trading 4 per cent higher at Rs 382. As of March 13, 2020 promoters held 54.69 per cent stake in the company.
Last month, Sun Pharma had said that its wholly-owned subsidiary had launched Riomet ER, used to treat type 2 diabetes mellitus, in the US market. Riomet ER is the first and only US Food and Drug Administration (FDA) approved liquid formulation of extended-release metformin. The US health regulator had approved the drug on August 29, 2019. For the quarter ended December 31, 2019, Sun Pharma had reported a 26.43 per cent decline in its consolidated net profit to Rs 913.52 crore for the quarter ended December 31, 2019, mainly due to rise in expenses.
The company had posted a net profit of Rs 1,241.85 crore for the corresponding period of the previous fiscal. Consolidated income from operations of the company stood at Rs 8,038.65 crore for the quarter under consideration. It was Rs 7,656.71 crore for the same period a year ago.
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