Weizmann Limited (NSEI:WEIZMANIND) announces a share repurchase program. Under the program, the company will repurchase up to 1,412,515 shares, representing 8.18% for INR 84.75 million. The shares will be repurchased at a price of INR 60 per share.

The repurchases will be funded out of out of its free reserves. The purpose of the program is to efficiently distribute surplus cash to the equity shareholders, enhancing the overall returns to shareholders and improve certain key financial ratios of the company. The program is subject to approval of Shareholders by means of a special resolution through a postal ballot.

The company has fixed December 10, 2021, as the record date for the offer. The offer will expire on January 27, 2022. As of October 8, 2021, the company had 17,271,536 shares issued and outstanding.