KRBL Limited (NSEI:KRBL) announces a share repurchase program. Under the program, the company will repurchase up to 6,500,000 shares, representing 2.76% of its shares capital, for INR 3,250 million. The shares will be repurchased at a price of INR 500 per share.

The purpose of the buyback is to distribute surplus cash to the company's shareholders, thereby enhancing the overall return for them, to improve return on equity, through distribution of cash and improve earnings per share, thereby leading to long term increase in shareholders' value and to give an option to the eligible shareholders to participate in the buyback and receive cash in lieu of their equity shares, otherwise to get a resultant increase in percentage shareholding post the buyback. The funds for the buyback will be sourced out of free reserves. The buyback will be undertaken on a proportionate basis.

The company has set August 25, 2023, as the record date for the offer. The program is valid till September 6, 2023. As of August 4, 2023, the company had 235,389,892 shares in issue.