Generic drugmaker Aurobindo Pharma’s Board has approved a proposal to buyback nearly 51.37 lakh shares at Rs.1,460 each.

July 30 will be the record date for determining entitlement and names of equity shareholders eligible to participate in the ₹750 crore buyback. The shares (face value of ₹1) to be bought back represent 0.88% of total equity shares.

Compared with July 16 closing of ₹1,371.70 each on the BSE, the buyback price is a premium of 6.4%. Post the announcement on Thursday, the share price declined and ended 2.49% lower at ₹1,337.50 apiece.

The buyback is proposed to be made from all the equity shareholders / beneficial owners of the company, including promoters and members of the promoter group, hold equity shares as of the record date, on a proportionate basis through the tender offer route, Aurobindo Pharma said.

As on June 30, promoters and promoter group holding stood at 51.80%, while general public holding was 5.77%. Mutual funds hold 19.17% of the shares and foreign portfolio and FIIs 16.73%