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Published on 12/07/2019 2:19:40 PM | Source: Dion Global Solutions Ltd

Eris Lifesciences dips 7 as stock turns ex-date for share buyback

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Shares of Eris Lifesciences fell over 6 per cent on Friday at the Bombay Stock Exchange as the pharmaceutical company's stock turned ex-date for buyback today. The company has fixed Monday, July 15, 2019 as the record date for the purpose of determining the entitlement and the names of equity shareholders who are eligible to participate in the bbuyback on a proportionate basis through "Tender Offer" route. On July 3, Eris Lifesciences approved buyback of shares worth up to Rs 100 crore. The buyback is for 1.74 million shares at Rs 575 per share.

The promoters and promoter group of the drug firm have expressed their intention to not participate in the buyback, the firm said in a filing to BSE. Further, shares of the company fell by 6.92 per cent to trade at Rs 457.25 apiece on BSE. On NSE, the shares were trading at Rs 457.10 apiece, down by 7.01 per cent . Meanwhile, the BSE Sensex was at 38,803.22, down by 24.66 points or 0.06 per cent at 11:00 hours.