Novartis India Limited (BSE:500672) announces a share repurchase program. Under the offer, the company will repurchase up to 3,820,000 shares, representing 11.95% of the total paid-up equity share capital for an aggregate amount not exceeding INR 2,903.2 million. The shares will be purchased at a price of INR 760 per share. The funds for the buyback will be sourced from cash balances available with the company and/or liquidation of financial instruments held by the company. The buyback is proposed to be made from all existing shareholders of the company on the record date on a proportionate basis under the tender offer route. The company is repurchasing its own shares to return surplus cash and improve return on equity. The company would first repurchase the shares from reserved category of small shareholders holding shares worth not more than INR 0.2 million and then from the rest of the shareholders. The buyback would be subject to the approval of the shareholders of the company by way of a special resolution through Postal Ballot and all other applicable statutory approvals. The Board has noted the intention of its promoter, Novartis AG to participate in the buyback. The buyback offer will open on August 25, 2016 and close on September 8, 2016. On June 8, 2016, the company announced that the voting through postal ballot and e-voting will commence from June 8, 2016 and shall end on July 7, 2016. The results of Postal Ballot will be declared on July 12, 2016.