GSK Pharmaceuticals Ltd will be buying back 25 per cent of equity from its shareholders at Rs. 800 per share, stated the company's chairman Deepak Parekh at its eightieth annual general meeting held on Wednesday in Mumbai.

"The buy back will be at a premium of 8 per cent based on the closing price of the GSK share on March 7, 2005. After getting the shareholders approval by way of a postal ballot, which will be declared on April 29, the buy back of the shares will be completed by the second week of May," said Parekh.

Parekh averted fears of the shareholders by saying that GSK Pharma has no plans to delist from the Indian securities.

Kal Sundaram, MD, GSK India, said that at no point the offer price is going to go above Rs. 800, even if the company is unable to attract enough response from its shareholders for the buyback offer.

GSK declared a 130 per cent dividend for the year ended December 31, 2004. GSK share closed at Rs. 722 on the Bombay Stock Exchange on Wednesday, March 30, 2005.