Technocraft Industries (India) Limited (BSE:532804) announces a share repurchase program. Under the program, the company will repurchase up to 1,500,000 equity shares, representing 6.13% of the issued share capital, for INR 1,500 million. The shares will be repurchased at a price of INR 1,000 per share.

The purpose of the offer is to return surplus funds to the shareholders thereby enhancing the overall return to shareholders; to improve return on equity, thereby leading to long term increase in shareholder's value; optimize returns to shareholders 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 buyback shall be made by the company from its current surplus and/or cash balances and/or internal accruals and/or free reserves of the company (retained earnings) and/or such other source as may be permitted by the law. The offer is subject to shareholders approval through postal ballot.

The offer will expire on February 14, 2023. As of November 14, 2022, the company had 24,461,687 shares issued and outstanding.