Alembic Limited (BSE:506235) announces a share repurchase program. Under the offer, the company will repurchase 10,250,000 equity shares, representing 3.84% of its outstanding share capital, for a total consideration of INR 820 million. The shares will be repurchased at a purchase price not exceeding INR 80 per share. The purpose of the offer is to enhance long term shareholder value and improve the company’s return on equity by means of optimum capital allocation. The offer will be funded from the company's free reserves and/or current surplus and/or cash and cash equivalents and/or internal accruals and/or liquid resources and/or such other permissible sources of funds of the company. The offer is subject to shareholders approval by way of special resolution by postal ballot. As of January 19, 2018, the company had 267,031,828 shares outstanding. On February 6, 2018, the company sent a notice of postal ballot to its shareholders seeking their approval for the buyback program. On March 12, 2018, the company announced that it has fixed the record date for the program as March 12, 2018. On April 9, 2018, the company announced that the plan will close on April 27, 2018.