Chambal Fertilisers and Chemicals Limited (NSEI:CHAMBLFERT) announces a share repurchase program. Under the program, the company will repurchase up to 15,555,555 shares, representing 3.74% for INR 7,000 million. The shares will be repurchased at a price of INR 450 per share.

The funds for the Buyback will be sourced out of the free reserves (retained earnings) and/or such other source as may be permitted by the Buyback Regulations or the Companies Act. The purpose of the offer is to improve its capital structure by optimizing the debt to equity ratio. It would also help in improving financial ratios such as earnings per share and return on equity and return surplus cash to shareholders.

The company has fixed January 18, 2024, as the record date for the offer. The program will end on January 31, 2024. As of January 5, 2024, the company had 416,207,852 shares issued and outstanding.