Bayer CropScience Limited (BSE:506285) announces a share repurchase program. Under the program, the company will repurchase up to 1,020,408 shares, representing 2.89% of its share capital for INR 4,999.99 million. The shares will be repurchased at a price of INR 4,900 per share. The funds for the buyback will be sourced from cash balances available with the company and/or liquidation of financial instruments held by the company. The purpose of the program is to return surplus cash to the members holding equity shares of the company, improving return on equity, by reduction in the equity base, thereby leading to long term increase in shareholders’ value. The repurchases will be made from all the shareholders of the company on a proportionate basis. The Board noted the intention of the promoter and promoter group of the company to participate in the buyback. The buyback would be subject to approval of the shareholders by way of special resolution through the postal ballot and all other applicable statutory approvals. The program is scheduled to be completed within 12 months of the date of Special Resolution approving the buyback program and will expire on September 15, 2017. On July 21, 2017, the company announced that it has fixed the record date for the buyback program as August 8, 2017.