Elegant Marbles and Grani Industries Limited (BSE:526705) announces a share repurchase program. Under the program, the company will repurchase up to 697,000 shares, representing 19.04% for INR 268.35 million. The shares will be repurchased at a price of INR 385 per share.

The purpose of the offer is to return surplus funds to the shareholders thereby enhancing the overall return to the shareholders, to improve financial ratios like return on equity, 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 and to optimize capital structure. The repurchases will be made out of company?s current surplus, cash balances, internal accruals, operating cash inflows, free reserves, or such other sources as may be permitted by law. he purpose of the program is to return surplus cash to its shareholders, improving return on equity, by reduction in the equity base, thereby leading to long term increase in shareholders?

value. The buyback is subject to approval of shareholders of the company, by way of a special resolution passed through Postal ballot. The authorization is valid till 12 months from passing of special resolution.

The program will be valid till January 17, 2024. As November 11, 2023, the company had 36,60,000 shares in outstanding.