Gujarat Apollo Industries Limited (BSE:522217) announces a share repurchase program. Under the program, the company will repurchase up to 861,915 equity shares, representing 6.81% of its share capital for INR 191.35 million. The shares will be repurchased at a price of INR 222 per share. The program will be funded from the accumulated surplus funds/internal accruals available with the company in the form of cash and/or liquid marketable investments and will be drawn out of the free reserves of the company. The purpose of the program is to effectively utilize surplus cash, make the balance sheet leaner and more efficient to improve key ratios like return on net worth, return on capital employed etc. The company has fixed February 26, 2021, as the record date for the offer. The program will expire on April 26, 2021. As of February 13, 2021, the company had 12,661,915 shares outstanding.