Star Cement Limited (BSE:540575) announces a share repurchase program. Under the program, the company will repurchase up to 8,248,580 shares, representing 2% of its issued share capital for INR 1,237.29 million. The shares will be repurchased at a price of INR 150 per share. The objective of the program is to return surplus cash to the shareholders holding equity shares of the company, to improve return on equity, by reduction in the equity base, thereby leading to long term increase in shareholders’ value, to optimize the capital structure and to give an option to the shareholders, who can choose to participate and get cash in lieu of equity shares to be accepted under the program or they may choose to not participate and enjoy a resultant increase in their percentage shareholding, post the buyback program, without additional investment. The offer will be sourced out of internal accruals and/or free reserves & surplus of the company. The company has fixed August 26, 2021, as the record date for the offer. The program will be valid till October 5, 2021. As of August 6, 2021, the company had 412,428,997 shares in issue.