Avonmore Capital & Management Services Limited (BSE:511589) announces a share repurchase program. Under the program, the company will repurchase up to 917,680 shares, representing 3.78% of its issued share capital for INR 87.18 million. The maximum price paid by the shareholders would not exceed INR 95 per share.

The purpose of the offer is to optimize the capital structure, return surplus funds to the shareholders thereby enhancing overall return to the shareholders, to improve return on equity thereby leading to long term increase in shareholder's value and to provide an option to the shareholders to either participate in the buyback and get cash in lieu of their shares or not participate in the buyback and enjoy an increase in their percentage shareholding post the buyback, without additional investment. The offer will be funded from company's free reserves (retained earnings) and/or share premium account and/or surplus and/or cash balances and/or internal accruals and/or other sources as permitted by the law. The company has fixed June 15, 2022, as the record date for the offer.

The offer will expire on July 15, 2022. As of May 27, 2022, the company had 24,270,900 issued and outstanding shares.