In a notice to the stock exchanges today the company informed that its recent programme of Buyback of 6 per cent Cumulative Redeemable Preference Shares of Re 1/- each had entailed in 140.26 million shares surrendered at a price of Rs 1.03 each. The company has completed its buy-back programme and send the payment consideration warrants.
Sun Pharma is ranked 5th among all Indian pharma companies with a 3.12 per cent market share (IMS -ORG Retail Chemist Audit, April 2004). In niche therapy areas such as psychiatry, neurology, cardiology, diabetology, gastroenterology, orthopedics, Sun Pharma ranks among the top 3 companies (CMARC Nov - Feb 2004).
The company has strong initiatives planned in research, with additional 250,000 sq ft of research floor area recently added across 2 new sites, a 320 person strong scientist team, and commitments of $15 millions to R&D for each of the next two years.