The Hindu Business Line : GSK Pharma board okays buyback at Rs 800 maximum

THE board of directors of GlaxoSmithKline Pharmaceuticals Ltd has approved the buyback of its equity shares from existing shareholders through the stock exchange route, at a price not exceeding Rs 800 per share.

The buyback will be up to the limit of Rs 230.65 crore, or 25 per cent of the total paid-up equity share capital and free reserves of the company, a GSK note said.

Mr S. Kalyanasundaram, Managing Director of GlaxoSmithKline Pharmaceuticals, said: "The operating performance of the company has significantly improved since 2001. The enhanced performance, together with income from the sale of properties, has resulted in substantial cash generation and a favourable liquidity position as on date".

Further, the note adds, since GSK Plc will not participate in the buyback, pursuant to the buyback of shares and depending on the response to the buyback offer, the percentage holding of the promoters in the company would increase beyond the current holding of 49.15 per cent.

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