Claris Lifesciences rallies over 8% on share buyback plan

NEW DELHI: Claris Lifesciences Ltd rose as much as 8.1 per cent in trade on Friday, after the Ahmedabad-based pharmaceutical firm said it will buy-back shares aggregating 14.49 per cent of its total equity capital from shareholders for a total of Rs 231.25 crore.

At 09:30 a.m.; Claris pared some of the morning gains and was trading 5.1 per cent higher at Rs 189.70. It has hit a low of Rs 187 and a high of Rs 195.05 in trade today.

The company said it will buy-back up to 92.5 lakh shares of face value Rs 10 each at a price of Rs 250, PTI said in a report. As on February 1, 2014 the promoter and promoter group had a holding of 60.21 per cent stake in the company.

"The objective of the buy-back is to return surplus cash to the equity shareholders of the company," Claris said in a filing to the BSE.

The buy-back through tender offer route gives an option to all the equity shareholders, including the promoter shareholders, to receive the surplus cash by participating in it, the company added.