Freshtrop Fruits Limited (BSE:530077) announces a share repurchase program. Under the program, the company will repurchase up to INR 80 million worth of its shares. The shares will be repurchased at a price of not more than INR 115 per share.

The purpose of the buyback is to return surplus cash to optimize return to shareholders, the shareholders thereby enhancing the overall return for them, to improve return on equity and earnings per share thereby leading to increase in the shareholders' value, to achieve an optimal capital structure. The program will be funded from the company's cash, sale of liquid investments held and internal accruals of the company drawn from free reserves. The buyback is valid till June 19, 2023.

As of December 7, 2022, the company had 10,687,996 shares issued and outstanding.