Asahi Songwon Colors Limited (BSE:532853) announces a share repurchase program. Under the program, the company will repurchase up to 240,000 shares, representing 2% of its issued share capital, for total worth of INR 96 million. The shares will be repurchased at a price of INR 400 per share.

The purpose of the program is to return surplus funds to the shareholders, which are over and above its ordinary capital requirements and in excess of any current investment plans, in an expedient, efficient and cost effective manner. Additionally, the company's management strives to increase the shareholders' value, to improve return on equity and to provide an option to the equity shareholders to either participate and receive cash payments in lieu of equity shares to be accepted under the Buyback, or not participate and enjoy a resultant increase in their percentage shareholding in the company, after the buyback, without any additional investment. The funds required for implementation of the buyback will be sourced from current balances of cash and cash equivalents and/or internal accruals of the company and/or liquidation of financial instruments held by the company.

The company has set June 3, 2022, as the record date for the offer. The offer will be valid till July 5, 2022. As of March 31, 2022, the company had 12,027,262 shares issued and outstanding.