Board approves Rs 150 crore tender-offer buyback at INR 960 per share; also approves wholly owned subsidiary in China

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

Tue 29 Sep 2026

Buyback Size

INR 1,500,000,000

Buyback Price per Share

INR 960 per share

Shares to be Bought Back

up to 1,562,500 equity shares

Percentage of Paid-up Capital

2.03% of paid-up capital

China Subsidiary Commitment

up to USD 2 Million

What the Board approved

• Buyback of up to 1,562,500 fully paid-up equity shares of face value INR 2 each.
• That is up to 2.03% of the total paid-up equity share capital.
• Buyback price: INR 960 per share, payable in cash.
• Buyback size: up to INR 1,500,000,000, excluding transaction costs and taxes.
• This is 6.76% of standalone and 6.15% of consolidated paid-up capital plus free reserves as at March 31, 2026.

How it will be done

• Through the tender offer route on a proportionate basis, under SEBI Buyback Regulations, 2018.
• Record date to decide eligible shareholders: October 9, 2026.
• Open to all shareholders on the record date, except promoters and promoter group.
• Promoters and promoter group conveyed on September 29, 2026 that they will not participate.
• Until one working day before the record date, the Board or Buyback Committee may raise the price and reduce the number of shares, keeping the buyback size unchanged.
• A Buyback Committee has been formed; the public announcement and letter of offer will follow.

Shareholding before buyback (as on September 25, 2026)

• Total equity shares: 76831142 held by 47787 shareholders.
• Promoter and Promoter Group: 52749590 shares, 68.66%.
• Mutual Funds: 11.23%; small resident individuals (up to Rs. 2 Lakhs): 9.00%.

New subsidiary in China

• Board approved incorporating a wholly owned subsidiary in the People's Republic of China, to be set up as a Wholly Owned Foreign-Owned Enterprise (LLC).
• Business: logistics and supply chain activities, supporting an India-China-Far East logistics corridor, with initial focus on a Free Trade Zone in Shanghai or Shenzhen.
• Overall financial commitment: up to USD 2 Million, in cash, possibly in tranches, and may include equity, loan and/or a Standby Letter of Credit guarantee.
• The company will hold 100% of the entity.

What it means for a small investor

A buyback lets shareholders sell a proportionate part of their holding back to the company at a fixed price, if they choose to tender. Since promoters are not participating, the entitlement available to public shareholders is spread across the non-promoter base. Retail shareholders as on the record date get a reserved portion under SEBI rules. Shares bought back are extinguished, so cash leaves the company and the share count reduces. Exact entitlement and timelines will come in the letter of offer.

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