SM Auto Stamping Limited (BSE:543065) announces a share repurchase program. Under the program, the company will repurchase up to 600,000 shares, representing 4.2% of its issued share capital for a total of INR 36 million. The maximum price paid by the shareholders would not exceed INR 60 per share.

The purpose of the offer is to return surplus funds to the shareholders enhancing the overall return to shareholders, to improve return on equity thereby leading to long term increase in shareholder?s value and 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. The offer will be funded from securities premium account, and/or company's free reserves and/or other sources as permitted by the law. The program is subject to shareholder approval through postal ballot.

The company has fixed December 22, 2023 as record for the company. The offer is valid till January 4, 2024. As of November 3, 2023, the company had 14,287,832 issued and outstanding shares.