Ashiana Housing Limited (BSE:523716) announces a share repurchase program. Under the program, the company will repurchase up to 1,827,242 shares, representing 1.79% for INR 550 million. The shares will be repurchased at a price of INR 301 per share.

The purpose of the program is to return surplus cash to its shareholders, improving return on equity due to reduction in the equity base, thereby leading to long term increase in shareholder value and achieving an optimal capital structure. The repurchases will be funded from its current surplus and/or cash balances and/or current investments, free reserves and/or surplus and/or securities premium account and/or cash available from internal resources of the Company (and not from any borrowed funds) or such other sources or by such mechanisms as may be permitted by law. The company has set July 28, 2023, as the record date for the offer.

The repurchase program will expire on August 8, 2023. As June 30, 2023, the company had 102,352,099 shares in outstanding.