Atul Ltd (BSE:500027) announces a share repurchase program. Under the program, the company will repurchase up to INR 700 million worth of its shares. The shares will be repurchased at a price not exceeding INR 11,000 per share.

The purpose of the program is to return surplus funds to the equity shareholders of the company and improve earnings per share leading to long term value for shareholders. The repurchases will be funded out of the balances in free reserves, current surplus and/or cash and cash equivalents and/or internal accruals and I or liquid resources and/or such other permissible sources of funds of the company, as per the Act and the Buy-back Regulations. The program will close within 6 months from the opening date of buyback.

As of March 18, 2022, the company had 29,523,415 shares in issue.