Garware Technical Fibres Limited (BSE:509557) announces a share repurchase program. Under the program, the company will repurchase up to 2,40,000 shares, representing 1.16% of its share capital for INR 900 million. The shares will be repurchased at a price of INR 3,750 per share.

The purpose of the buyback is to return surplus cash and enhance the overall value of shareholders by improving return on equity. The program will funded out of the current balances of cash and cash equivalents, liquid investments/deposits and/or internal accruals of the company. The company has fixed November 4, 2022, as the record date.

The buyback will close on December 16, 2022. As of September 30, 2022, the company had 20,618,169 shares in issue.