Shervani Industrial Syndicate Limited (BSE:526117) announces a share repurchase program. Under the program, the company will repurchase up to 134,000 ordinary shares, representing 4.96% of its issued share capital for INR 68.34 million. The shares will be repurchased at a price of INR 510 per share.

The purpose of the program is to return surplus cash to the shareholders of the company, thereby enhancing the overall return to shareholders, to improve return on equity, optimize the capital structure and mitigate the short term market volatility. The program will be funded out of its free reserves and/or such other sources or by such mechanisms as may be permitted by Law. The record date for the offer is March 7, 2024.

The offer will expire on March 20, 2024. As of February 16, 2024, the company has 2,701,018 shares in issue.