1. Buy back considered better than Dividend pay-out
-- 2. Clariant AG and Bayer AG participated in their share buy backs.
3. Novartis AG owns 75 per cent in Novartis India-which seems a trading entity.
4. It will be an open tender.
5. A trade-off will have to made between the listing requirement of 25 per cent float and buyback.
6. Ratio of acceptance may nto exceed 1:3.
7.Stock may fall to Rs 300 post cash withdrawal through Buyback.
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