Orbit Exports Limited (BSE:512626) announces a share repurchase program. Under the program, the company will repurchase up to 600,000 shares, representing 2.22% of its issued share capital for INR 150 million. The shares will be repurchased at a price not exceeding INR 250 per share.

The repurchases will be be met out of the company?s current balances of cash and cash equivalents, investments, and/or internal accruals of the company and not from any borrowed funds, whether secured or unsecured, of any form and nature. The purpose of the program is to improve the valuation of the company, enhancing the overall return to shareholders in the long run, creating long term value for shareholders, Improving the fundamental ratios of the company and exit option to shareholders particularly small shareholders at a premium over market price. The company has fixed February 13, 2024, as the record date for the offer.

The program is valid till February 26, 2024. As of January 19, 2024, the company had 27,023,402 shares in issue.