Tips Industries Limited (NSEI:TIPSINDLTD) announces a share repurchase program. Under the offer, the company will repurchase up to 595,000 shares, representing 0.46% of its share capital, for INR 371.88 million. The shares will be repurchased at a price of INR 625 per share.

The purpose of the offer is to return surplus funds cash to the shareholders thereby enhancing the overall return to the shareholders, to improve financial ratios like return on equity and to provide an option to the shareholders to either to sell their equity shares and receive cash or not to sell their equity shares and get a resultant increase their percentage shareholding, post the Buyback offer, without additional investment. The offer is subject to the approval of shareholders by way of a special resolution through postal ballot. The amount required by the Company for the Buyback is intended to be met out of the Company?s free reserves and/or such other sources as may be permitted by law.

The program will be valid for 12 months from the passing of the resolution. The offer will be valid till May 3, 2024. The company has fixed April 22, 2024 as the record date for the offer.

As of February 23, 2024, the company had 128,426,590 shares in outstanding.