CARE Ratings Limited (NSEI:CARERATING) announces a share repurchase program. Under the program, the company will repurchase up to 2,368,000 shares, representing 7.99% of its share capital, for INR 1,219.52 million. The purpose of the plan is to return surplus funds to the shareholders.

The buyback will be funded by free reserves and securities premium of the company. and/or such other source as may be permitted by the Buyback regulation act or the Companies act. The shares will be repurchased at a price of INR 515 per share.

The buyback is subject to the approval of the shareholders by means of a special resolution through postal ballot. The record date for buyback is September 14, 2022. The buyback program is valid till December 1, 2022.

As of July 15, 2022, the company had 29,648,880 shares in issue.