Cochin Shipyard Limited (BSE:540678) announces a share repurchase program. Under the program, the company will repurchase up to 4,395,610 shares, representing 3.23% of its outstanding equity shares for INR 2,000 million. The shares will be repurchased at a price of INR 455 per share. The offer will be made out of the company’s free reserves and/or such other sources as may be permitted by law through Tender Offer. The purpose of the program is to improve the return on equity thereby increasing shareholders value. The company has fixed October 31, 2018, as the record date for the buyback program. The offer will expire on December 11, 2018. As of October 12, 2018, the company had 135,936,000 shares in issue.