Board approves buyback of up to 15,62,500 shares at INR 960 each, aggregating up to INR 150 crore via tender offer

Board has approved a buyback of up to 1,562,500 equity shares (face value INR 2) at INR 960 per share, for up to INR 1,500,000,000 — about 2.03% of paid-up capital.

Wed 30 Sep 2026

Buyback Share Count

up to 1,562,500 equity shares

Buyback Price

INR 960 per share

Buyback Size

up to INR 1,500,000,000

Share of Paid-up Capital

2.03%

Record Date

October 9, 2026

What was approved

The Board, at its 150th meeting held on September 29, 2026, approved a buyback of equity shares through the tender offer route.

• Shares to be bought back: up to 1,562,500 fully paid equity shares of face value INR 2/- each
• Buyback price: INR 960/- per equity share, payable in cash
• Buyback size: up to INR 1,500,000,000/- (excluding transaction costs and taxes)
• Size as share of paid-up capital: up to 2.03 % as on March 31, 2026
• Record date: October 9, 2026

How it sits against the limits

The amount equals 6.76% of equity capital plus free reserves on a standalone basis and 6.15% on a consolidated basis as at March 31, 2026, within the statutory 10% Board-approval route. The share count is within the 25% cap on paid-up equity capital.

Who can participate

All equity shareholders or beneficial owners on the record date, except the Promoter and Promoter Group, who have expressed their intention not to participate by letter dated September 29, 2026. 15% of the shares proposed to be bought back, or the entitlement of small shareholders, whichever is higher, is reserved for small shareholders. Acceptance is on a proportionate basis.

Funding and conditions

The buyback will be funded from the securities premium account, free reserves and other permitted sources. Borrowed funds from banks or financial institutions will not be used. Minimum public shareholding of 25% will be maintained. The Board recorded its opinion that the Company will be able to meet its liabilities and will not be rendered insolvent within a year.

Stated reasons

To optimize returns to shareholders, enhance overall shareholder value and optimize the capital structure.

Appointments and mechanics

• Manager and buying broker: ICICI Securities Ltd.
• Registrar to the buyback: KFin Technologies Limited
• Legal advisors: JSA Advocates & Solicitors
• Escrow bank: ICICI Bank Limited; designated stock exchange: BSE
• Compliance Officer for the buyback: Company Secretary Hansa Sharma

A Buyback Committee has been formed and may increase the buyback price and reduce the number of shares, keeping the buyback size unchanged, until one working day before the record date.

What it means for a shareholder

Shares bought back will be extinguished, reducing share capital. The Company will not make a further buyback offer for one year from expiry of the buyback period, and will not raise fresh capital for one year from that date, except for subsisting obligations. Actual acceptance for any shareholder depends on the entitlement ratio and tendering levels.

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