Siyaram Silk Mills Limited (BSE:503811) announces a share repurchase program. Under the program, the company will repurchase up to 1,661,530 shares, representing 3.54% of its issued share capital, for INR 1,079.99 million. The shares will be repurchased at a price of INR 650 per share.

The purpose of the buyback is to return surplus to the company's shareholders, enhance shareholders' value and improve financial ratio and to give an option to the eligible Shareholders to either choose to participate in the buyback and receive cash in lieu of their Equity Shares which are accepted under the buyback or choose not to participate in the buyback and get a resultant increase in their percentage shareholding in the Company post Buy-back, without additional investment. The funds for the implementation of the buyback will be sourced out of the securities premium and free reserves. The company has fixed September 18, 2023, as the record date for the offer.

As of August 4, 2023, the company had 46,870,080 shares issued and outstanding. The offer will be valid till October 3, 2023.