Zydus Lifesciences Limited (NSEI:ZYDUSLIFE) announces a share repurchase program. Under the program, the company will repurchase up to 5,970,149 shares, representing 0.59% of its issued share capital for a total of INR 6,000 million. The shares will be repurchased for a price of INR 1,005 per share.

The company shall implement the buyback out of its securities premium account, and/or free reserves, and/or such other sources as may be permitted by law. The purpose of the buyback is distributing surplus cash, optimizing return to shareholders and enhancing long term shareholder value and improving return on equity. The company has fixed February 23, 2024, as the record date for the offer.

The offer will expire on March 6, 2024. As of February 2, 2024, the company had 1,012,204,139 issued and outstanding shares.