Natco Pharma to buy back shares for ~1,000 a piece

Natco Pharma on Friday announced it would, starting November 19, buy back shares for ~1,000 a piece from the open market by spending a maximum of ~2.5 billion. The firm said the buyback of shares to an extent of at least 50 per cent of the amount earmarked for this purpose would be complete in six months. The price of share determined for buyback comes at a premium of little over 40 per cent of the closing price of company shares on October 26, 2018. It proposed to buy a minimum number of 1.25 million shares from open market route.