Mumbai, Sep 25 (IANS): Pharma major Novartis India on Monday said that it will buy back shares worth Rs 231.15 crore representing 12.26 per cent of the total paid up equity capital.

According to a BSE filing, the company's "Board of Directors" in a meeting held on Monday approved the proposal for a buyback of up to 3,450,000 equity shares of Rs 5 each at a price of Rs 670 per equity share.

"The buyback would be subject to approval of the share-holders of the company by way of a special resolution through postal ballot and all other applicable statutory approvals," the company informed the BSE in a regulatory filing.

"The board has constituted a buyback committee and delegated its powers to the buyback committee to do all such acts, deeds, matters and things as it may, in its absolute discretion, deem necessary expedient, usual or proper in connection with the buyback."

Besides the buyback announcement, the pharma firm further said that it has appointed Trivikram Guda, as Company Secretary and as the Compliance Officer for the purpose of buyback of shares.

The company's scrip at the BSE traded down Rs 52.20 or 7.65 per cent at Rs 630.40 from its previous close of Rs 682.60 on last Friday.