Bangalore, Nov 17, 2008: The board of India-based pharmaceutical company, Alembic have approved a resolution to buy-back a minimum of 12,00,000 equity shares.

 

The maximum buy back price is $1 per equity share. The maximum amount of buy back shall constitute 9.69 percent of the paid-up capital & free reserves of the company, according to the company.

 

The buy-back would lead to reduction in outstanding number of equity shares, and consequent increase in earnings per equity share, improvement in return on net worth and other financial ratios.

 

According to the company, the buy-back proposal is being implemented in keeping with the company's desire to optimize returns to shareholders; and enhance overall shareholder value.