Panacea Biotec Ltd has informed BSE that the Board of Directors of the Company at its meeting held on December 30, 2009, inter alia, considered and approved the buy-back of its Equity Shares of Re. 1/- each, by way of Open Market Purchases through Stock Exchanges, subject to the approval of Shareholders by way of Postal Ballot and exemption by SEBI under the SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 1997.

The Board has also, inter-alia, decided on the following:
1. Appointment of M/s. SPA Merchant Bankers Ltd. as the Merchant Bankers for the proposed buy-back of Equity Shares.
2. Approved maximum buy-back price as Rs. 189/- per Share.
3. Approved the notice of Postal Ballot for obtaining the approval of Shareholders for buy-back of Equity Shares.
4. The maximum number of shares proposed for buy-back as 55,92,000 Equity Shares for an aggregate amount not exceeding Rs. 105.69 Crore