Drug major Sun Pharmaceutical Industries on Tuesday said its board has approved a Rs 1,700-crore share buyback offer at a maximum price of Rs 425 per share.

The board of directors, at its meeting held on Tuesday, approved the buy-back of its equity shares from the open market at a maximum price of Rs 425 per share for an aggregate maximum amount of up to Rs 1,700 crore.

“At the maximum buy-back size and the maximum buy-back price, the indicative maximum number of equity shares to be bought back under the buy-back would be four crore, which represents 1.67 per cent of the total number of shares of the company,” a regulatory filing said.

However, the actual number of equity shares to be bought back will depend upon the actual price paid (excluding the transaction costs) for the equity shares bought back and the aggregate actual amount utilised in the buy-back, the filing said.

The filing added that the public announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the buyback regulations.