Financial Daily from THE HINDU group of publications
Saturday, Dec 11, 2004
Financial Daily from THE HINDU group of publications Saturday, Dec 11, 2004 |
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Corporate
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Buyback GSK Consumer okays buyback at Rs 370 Our Bureau
New Delhi , Dec. 10 THE board of directors of GlaxoSmithKline Consumer Healthcare Ltd (GSKCH) has approved the share buyback for up to Rs 123.03 crore, representing 7.33 per cent of the share capital of the company. According to a company statement, this is the maximum amount that the company is authorised to deploy for this purpose, as per the provisions of the Companies Act, 1956 and the prevailing SEBI Regulations. "GSKCH will buyback shares at a price not to exceed Rs 370 per equity share," it said. The company will employ fixed price tender offer route for the buyback. The shares purchased under the buyback programme will be cancelled, as required under the SEBI's guidelines, leading to a reduction in the company's equity capital. "GSKCH had evaluated various options on how to deploy its surplus funds to best maximise returns to shareholders," said Mr Gautam K. Chakraborty, Director (Finance & IT). "The proposed buyback represents prudent deployment of our surplus funds to improve shareholders' value," he added. The price of GSKCH shares on Friday rose by 7.52 per cent to close at Rs 340.20 on the BSE. It is one of the largest players in the health food drinks industry. The company has manufacturing facilities in Nabha, Rajahmundry and Sonepat.
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