Sun Pharmaceutical Industries Ltd has announced the Buyback of fully paid-up equity shares of the Company of face value of Rs 10 each and / or Rs 5 each (being face value and paid up value subsequent to the splitting of the equity shares of Rs 10 into 2 equity shares) not exceeding 2,000,000 equity shares of Rs 10 each and/or 4,000,000 equity shares of Rs 5 each i.e. not exceeding equity shares of face value of Rs 20,000,000 being less than 25% of the paid-up equity share capital of the company for an aggregate amount not exceeding Rs 1200,000,000 upto a maximum price of Rs 750 per equity share of Rs 10 each or upto a maximum price of Rs 375 per equity share of Rs 5 each from the existing shareholders and beneficial owners of the shares of the company from open market through stock exchanges. J M Morgan Stanley Pvt Ltd informed this to BSE..

The Buyback will be effected from the Open Market through The Stock Exchange, Mumbai (BSE) and/or the National Stock Exchange on India Limited (NSE) using their electronic trading facilities. The Company shall not Buyback its shares from any person(s) through negotiated deal(s) whether on or off the Stock Exchanges or through spot transactions or through any private arrangement in the implementation of the Buyback.

If all shares were bought back at the maximum price, the maximum possible shares which can be bought back would be 1,600,000 shares of Rs 10 each or 3,200,000 shares of Rs 5 each aggregating to a face-value of Rs 16,000,000 (Rupees Sixteen Million only). The number of shares to be bought back would depend upon the average price paid for the shares bought back and the amount deployed in the Buyback.

The Buyback proposal is being mooted in keeping with the Company's desire to enhance overall shareholder value. The Buyback is expected to enhance the earnings per share of the Company in future and create long-term shareholder value. The cash flow from operations of the Company is healthy with adequate fund being generated to full fund business investments. This Buyback provided an exit option to the shareholders to sell their equity shares and may ensure that the growth of the Company is not impaired in any way.

The Date of Opening of Buyback is January 07, 2003. The Date of closing of Buyback is December 19, 2003 (12 months from the date of passing of special resolution) or when the company has completed Buyback to the extent of 25% of the paid-up equity capital and free reserves, however not exceeding 25% of the paid-up equity share capital under the Offer or such earlier date as may be determined by the Board any time even if the maximum limit of Buyback of shares has not been reached (by giving appropriate notice for such earlier date, if any).