MOIL Limited (BSE:533286) announces a share repurchase program. Under the program, the company will repurchase up to 20,281,009 shares, representing 7.87% of its issued share capital for a total of INR 3,082.71 million. The maximum price paid by the shareholders would not exceed INR 152 per share. The purpose of the offer is to return surplus cash to the shareholders thereby enhancing overall return to them, to improve return on equity thereby leading to long term increase in the shareholder’s value, to optimize the capital structure and to provide an option to the shareholders to either participate in the offer and receive cash in lieu of shares or to not participate in the offer and enjoy a resultant increase in their percentage shareholding, without any additional investment. The offer will be funded from the company’s free reserves and/or internally generated cash resources and/or other sources as permitted by the law. The offer is subjected to approval from the statutory authorities. The company has fixed November 27, 2019, as the record date for the offer. The offer is valid till January 8, 2020. As at November 8, 2019, the company had 257,608,888 issued and outstanding shares.