JK Paper Limited (BSE:532162) announces a share repurchase program. Under the program, the company will repurchase up to INR 1,000 million worth of its shares. The repurchase price will not exceed INR 130 per share. The purpose of the program is to return surplus funds to the shareholders, optimizing the capital structure, improving return on equity through distribution of surplus funds, improving earnings per share by reduction in equity base and increasing shareholders’ value in the long term. The program will be funded from the securities premium account, company's free reserves and/or internal accruals and/or other sources as permitted by the law. The program will expire on the earlier of November 6, 2020, or when the company completes the buyback by deploying the maximum buyback size, or at such earlier date as may be determined by the Board after giving notice of such closure, subject to the company having deployed the minimum buyback size and after all the payment obligations for the program have been completed before the last date of the program. As of April 24, 2020, the company had 178,243,585 shares issued and outstanding.