Welspun India Limited (BSE:514162) announces a share repurchase program. Under the program, the company will repurchase up to 16,250,000 shares, representing 1.64%, for INR 1,950 million worth of shares. The shares will be repurchased at a price of INR 120 per share.

The purpose of the program is to return surplus cash, improve return on equity by reduction in the equity base, improvement in earnings per equity share and enhanced return on invested capital leading to a long term increase in shareholders' value. The program will be funded out of free reserves of the company (including securities premium account) and/or such other source as may be permitted under the Buyback Regulations or the Act. The program is valid till May 22, 2023.

The Company has fixed May 10, 2023 as the record date. As of April 21, 2023, the company had 988,058,484 shares outstanding.