Sun Pharma's arm Taro plans shares repurchase worth $250 million

NEW DELHI: Drug major Sun Pharma's Israeli arm Taro Pharmaceutical Industries plans to buy back shares worth $250 million (over Rs 1,683 crore).

The board of directors of Taro Pharmaceutical Industries on Wednesday approved a $250 million share repurchase authorisation of its ordinary shares.

Repurchases may be made from time to time at the company's discretion, based on ongoing assessments of the capital needs of the business, the market price of its stock, and general market conditions, the company said in a statement.

"No time period has been set for the repurchase programme, and any such programme may be suspended or discontinued at any time," Taro said.

The repurchase authorisation enables it to purchase it's ordinary shares from time to time through open market purchases, negotiated transactions or other means... in accordance with applicable securities laws or other restrictions, it added.

Taro Pharmaceutical Industries develops, manufactures and markets generic and branded prescription and over-the-counter (OTC) pharmaceutical products.

In 2010, Sun Pharma ending a three-year-long battle had acquired a controlling stake in Taro pursuant to entering an agreement with then promoters of Taro led by then Chairman Barrie Levitt in 2007.