Mahalaxmi Rubtech Limited (BSE:514450) announces a share repurchase program. Under the program, the company will repurchase up to 2,700,000 shares, representing 20.27% of its issued share capital, for a total price of INR 189 million. The shares will be repurchased at a price of INR 70 per share. The program is aimed at distributing surplus cash to the shareholders, improving certain key financial ratios of the company and it gives an option to the equity shareholders, who can choose to participate and get cash in lieu of equity shares to be accepted under the buyback or they may choose not to participate thereby and enjoy a resultant increase in their percentage shareholding, post the buyback without additional investments. The program would be financed out of current surplus and/or cash/bank and/or cash equivalents/bank balances and/ or internal accruals of the company. The equity shares bought back by the Company will be compulsorily cancelled and will not be held for reissuance. The program is subject to regulatory approval. As of July 1, 2021, the company had 13,320,275 shares in issue. On August 14, 2021, the company announced that it has fixed August 27, 2021, as the record date of the offer.