Unichem Laboratories Limited (BSE:506690) announces a share repurchase program. Under the program, the company will repurchase up to 20,600,000 shares, representing 22.65% of issued share capital, at a price of INR 430 per share for an aggregate amount not exceeding INR 8,858 million. The purpose of the offer is to enhance shareholders returns by way of returning surplus cash to shareholders, to improve return on equity and earnings per share. The offer will be funded out of free reserves of the company, including Securities Premium Account or such other source as may be permitted by the Buyback Regulations or the Act. The repurchase program is subject to shareholder’s approval by way of special resolution through postal ballot. The members of the promoter and promoter group have indicated their intention to participate in the buyback. The offer will expire on March 20, 2018. As of January 5, 2018, the company had 90,936,000 shares in outstanding. On January 10, 2018, the company sent a notice of postal ballot to its shareholders seeking their approval for the buyback program. On February 5, 2018, the company announced that it has fixed the record date as February 16, 2018 for the purpose of this offer.