Dhampur Sugar Mills Limited (BSE:500119) announces a share repurchase program. Under the program, the company will repurchase up to 1,000,000 shares, representing 1.51% of its issued share capital for a total of INR 300 million. The maximum price paid by the shareholders would not exceed INR 300 per share.

The repurchases will be funded out of Company's current surplus and/or cash balances and/or cash available from internal accruals (and not from borrowed funds). The purpose of the program is to distribute surplus funds to its shareholders, thereby enhancing the overall return to the shareholders, to improve return on equity and to provide an option to the shareholders to either participate in the buyback and get cash in lieu of their shares or not participate in the buyback and enjoy an increase in their percentage shareholding post the buyback, without additional investment. The company has fixed January 17, 2024, as the record date for the offer.

The offer is valid till January 30, 2024. As of December 29, 2023, the company had 66,387,590 issued and outstanding shares.