IndiaMART InterMESH Limited (NSEI:INDIAMART) announces a share repurchase program. Under the program, the company will repurchase up to 1,250,000 shares, representing 2.04% for INR 5,000 million. The maximum price paid by the shareholders would not exceed INR 4,000 per share.

The purpose of the offer is to return surplus funds to the shareholders, to improve return on equity thereby leading to long term increase in shareholder?s value and to provide an option to the shareholders to either participate in the buyback and get cash in lieu of their shares or not participate in the buyback and enjoy an increase in their percentage shareholding post the buyback, without additional investment. The funds for the buyback will be sourced out of free reserves and securities premium account of the Company and any other source as may be permitted by the SEBI buyback regulations or the companies act. The program is subject to shareholder approval through postal ballot.

The buyback will be completed with in 12 months from the date of passing of special resolution by the Shareholders. The company has fixed August 25, 2023, as the record date for the offer. The buyback offer is valid till September 6, 2023.

As of July 14, 2023, the company had 61,229,148 issued and outstanding shares.