Industrial & Prudential Investment Company Limited (BSE:501298) announces a share repurchase program. Under the program, the company will repurchase up to 69,500 shares, representing 3.98% of its issued share capital, for total worth of INR 83.4 million. The shares will be repurchased at a price of INR 1,200 per share. The repurchases will be funded from the company's free reserves, cash and cash equivalents including investment in mutual fund and/or accumulated internal accruals and/or such other sources as may be permitted by law and on conditions as the Board may decide. The purpose of the buyback is to return surplus funds, after taking into account the strategic and operational cash needs of the company in the short to medium term and to improve earnings per share and return on equity, by reduction in the equity base, thereby leading to long term increase in shareholders’ value. The program is subject to approval of the members by means of a special resolution through a postal ballot. The program is valid till February 17, 2021. As of October 30, 2020, the company had 1,745,340 shares are issued and outstanding. On December 21, 2020, the company announced that it has set January 1, 2021, as the record date.