Panacea gets Sebi nod for buyback

NEW DELHI: The market regulator Sebi today approved Panacea Biotec's proposal to buy back around 55.9 lakh shares at Rs 229 a share.

According to a Sebi statement, this April, the Panacea promoters had sought Sebi's approval for buying back 55.9 lakh shares at Rs 229 per share, thereby increasing their stake to nearly 75 per cent from the current 68.73 per cent.

The Noida-based drug maker had also sought an exemption from takeover regulation requirements as the share buyback will raise the promoters' holding to nearly 75 per cent from 68.7 per cent, the statement said.

Sebi said it granted exemption as public shareholding in Panacea will remain above 25 per cent even after the buyback and the proposed buyback will enhance shareholder value and provide exit option to those who desire to exit.