The Hindu Business Line : Glaxo buyback opens on May 9; price not above Rs 800

GLAXO SmithKline has announced its buyback offer at a price not exceeding Rs 800. The offer will add up to an aggregate of Rs 230.65 crore and will represent 25 per cent of the company's paid-up equity capital.

The proposed date of opening the buyback has been fixed at May 9.

The buyback would be implemented by open market purchases through the BSE and the NSE, according to the offer document.

"The significant improvement in the operating performance of the company since 2001, together with income from sale of properties, has resulted in substantial cash generation and a favourable liquidity position as on date. Internal accruals in future are expected to further enhance the cash generated," the offer said.

The company board had approved the buyback offer on March 15.

The offer document has been filed with the SEBI and is awaiting regulatory clearance.

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