Novartis India Limited (BSE:500672) announces a share repurchase program. Under the offer, the company will repurchase up to 3,450,000 equity shares, representing 12.26% of its outstanding shares. The shares will be purchased at a price of INR 670 per share for INR 2,311.5 million. The buyback is intended to be met out of the company's current balances of cash and cash equivalents and/ or internal accruals of the company and on such terms and conditions as the board may decide from time to time at its absolute discretion. The objective of the program is to return surplus cash to the shareholders holding equity shares of the company. The offer is subject to approval of the shareholders of the company by way of a special resolution through postal ballot and all other applicable approvals. The record date to participate in the offer is October 6, 2017. The program will expire on January 17, 2018. As of September 22, 2017, the company had 28,140,797 shares outstanding.