Rajoo Engineers Limited (BSE:522257) announces a share repurchase program. Under the program, the company will repurchase up to 942,300 shares, representing 1.53% of its issued share capital, for total worth of INR 197.88 million. The shares will be repurchased at a price of INR 210 per share.

The program will be funded out of the Company?s current surplus and/or cash balances and/or cash available from internal accruals, free reserves and securities premium account and / or such other sources as may be permitted by law. The purpose of the offer is to return surplus funds to the shareholders thereby enhancing the overall return to the shareholders, to improve financial ratios like return on equity, to provide an option to the shareholders to either participate in the buyback and get cash in lieu of their shares or not participate in the buyback and enjoy an increase in their percentage shareholding post the buyback, without additional investment and to optimize capital structure. The program is subject to approval of the shareholders by means of a special resolution through a postal ballot.

The company has fixed January 31, 2024, as the record date for the offer. The program will expire within 12 months from the date of passing of special resolution. The offer will be valid till February 12, 2024.

As of November 24, 2023, the company had 61,530,750 shares are issued and outstanding.