Eris Lifesciences approves share buyback

The board of directors of Eris Lifesciences approved the buyback of the fully paid 17,39,130 equity shares of Re. 1 each. The buyback was initiated at a price of Rs. 575 per share, thereby resulting in a maximum consideration amount not exceeding Rs. 100 crore.

The shares were bought back through the tender offer route. The promoters have steered clear of the entire transaction.

The 17.39 lakh shares constitute nearly 1.26 per cent of the total paid-up equity capital of the company.

The company has set July 15, 2019 as the record date for the purpose of determining the eligibility of the shareholders to participate in the buyback.

The mere news of the board contemplating a buyback has caused the shares of Eris Lifesciences to gain as much as 5 per cent on June 25, 2019. The share touched its 52-week high of Rs. 798.80 and 52-week low of Rs. 475 on 27 August, 2018 and 19 June, 2019, respectively.

On Thursday, the shares of Eris Lifesciences opened at Rs. 500.60, and hit a high and low of Rs. 503.50 and Rs. 490.00, respectively. The stock closed at Rs. 496.10, down 0.40 per cent.