Shyam Century Ferrous Limited (NSEI:SHYAMCENT) announces a share repurchase program. Under the program, the company will repurchase up to 10,000,000 shares, representing 4.5% for INR 280 million. The shares will be repurchased at a price of INR 28 per share.

The purpose of the program is to distribute surplus cash to its members holding equity shares thereby enhancing the overall return for them, to improve return on equity through distribution of cash and improve earnings per share by reduction in the equity base of the company, thereby leading to long term increase in shareholders' value, an option to the eligible shareholders to either participate in the buyback and receive cash in lieu of their equity shares which are accepted under the buyback, or not to participate in the buyback and get a resultant increase in their percentage shareholding in the company post the buyback, without additional investment. The program is subject to approval of the shareholders. The company has fixed September 27, 2022, as the record date for the offer.

The program is valid for 1 year from passing of the special resolution. As of August 5, 2022, the company had 222,172,990 shares in outstanding.