Letter of Offer for buy-back of up to 1,92,00,000 shares at ₹ 60 each

Shardul Securities has submitted its Letter of Offer for the buy-back of up to 1,92,00,000 shares at ₹ 60 each, for up to ₹1,15,20,00,000.

Mon 12 Oct 2026

Buy-back size

up to 1,92,00,000 shares

Buy-back price

₹ 60 each

Total consideration

up to ₹1,15,20,00,000

The offer in brief

• The company has submitted its Letter of Offer dated October 12, 2026 for the buy-back of up to 1,92,00,000 fully paid-up equity shares of face value ₹2 each.
• Buy-back price: ₹ 60/- per equity share, payable in cash.
• Total consideration: up to ₹1,15,20,00,000/-, excluding transaction costs.
• This represents 21.94% of the total number of equity shares in the issued, subscribed and paid-up equity share capital.
• Method: Tender Offer through the stock exchange mechanism on BSE, on a proportionate basis, from eligible shareholders including promoters, promoter group and persons acting in concert.

Dates to note

• Record date for entitlement and eligible shareholder names: October 8, 2026.
• Buy-back opens October 14, 2026 and closes October 21, 2026.
• Completed Tender Forms and specified documents, including physical share certificates where applicable, must reach the Registrar by October 21, 2026, till 5.00 p.m.
• Payment of consideration for accepted shares: on or before October 28, 2026.
• Unaccepted shares to be returned by the Designated Stock Exchange: October 28, 2026.
• Extinguishment of shares bought back: November 6, 2026.

How much you can tender

• Shares are divided into two categories. Small shareholders form the Reserved Category and can tender 16 Equity Shares for every 17 Equity Shares held on the record date.
• All other eligible shareholders fall in the General Category and can tender 6 Equity Shares for every 31 Equity Shares held on the record date.
• Entitlement is computed on the holding as on the record date. Shareholders can check their entitlement on the Registrar's website using DP ID/Client ID, folio number or PAN; it is also pre-filled in the Tender Form.

Size against the company's books

• The buy-back size equals 24.92% of the aggregate of paid-up capital and free reserves (including securities premium account) on a standalone basis and 14.16% on a consolidated basis, as per the audited financial statements for the year ended March 31, 2026.
• The Board resolution records that the buy-back size is within the statutory limit of 25% of the aggregate of fully paid-up capital and free reserves.
• The consideration is to be sourced out of free reserves of the company and/or such other source as may be permitted.
• The promoters, promoter group and Board have confirmed that funds borrowed from banks and financial institutions will not be used for the buy-back.

What a buy-back generally means

• In a buy-back, the company purchases its own shares, so the number of shares in issue falls after the bought-back shares are extinguished.
• A Tender Offer lets existing holders choose to sell part of their holding back to the company at the offer price, instead of buying or selling in the open market.
• The offer is made on a proportionate basis, and shares not accepted are returned to the shareholder.
• Whether to tender, and how many shares to offer, is each shareholder's own decision; the Letter of Offer and the enclosed Tender Form set out the full terms and the process for tendering.

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