Board approves Rs 150 crore tender-offer buyback at INR 960 per share and a 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 Shares

up to 1,562,500 equity shares (2.03% of paid-up capital)

Buyback Price

INR 960 per share

Total Buyback Size

up to INR 1,500,000,000

Record Date

October 9, 2026

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.
• This is up to 2.03% of the total paid-up equity share capital.
• Buyback price: INR 960 per equity share, payable in cash.
• Aggregate buyback size: up to INR 1,500,000,000, excluding transaction costs, taxes and related expenses.
• The size is 6.76% of standalone and 6.15% of consolidated paid-up equity capital plus free reserves as per audited financials as at March 31, 2026.

How it will be done

The buyback is proposed through the tender offer route on a proportionate basis, under the SEBI Buyback Regulations and the Companies Act, 2013. It is open to all equity shareholders on the record date, except promoters and promoter group and any shareholders specifically prohibited by law.

Record date is October 9, 2026. Until one working day before the record date, the Board or Buyback Committee may increase the buyback price and reduce the number of shares, keeping the buyback size unchanged. A Buyback Committee has been formed with delegated powers. The public announcement and letter of offer with process and timelines will follow.

Who is participating

Promoters and promoter group, holding 52749590 shares or 68.66% of capital, have said by letter dated September 29, 2026 that they do not intend to participate. In a proportionate tender offer, when promoters stay out, the entitlement ratio for the remaining shareholders is calculated on the non-promoter shares.

Pre-buyback, total shares stand at 76831142 across 47787 shareholders. Small resident individuals (up to Rs. 2 Lakhs nominal capital) hold 9.00%, mutual funds 11.23% and foreign portfolio investors 3.02%.

New subsidiary in China

The Board also approved incorporating a Wholly Owned Subsidiary in the People's Republic of China, as a Wholly Foreign-Owned Enterprise in the form of a Limited Liability Company. It will undertake logistics and supply chain activities, aimed at building an integrated 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 or equivalent, in one or more tranches.
• This may include equity contribution, loan and/or guarantee in the form of a Standby Letter of Credit.
• The company will hold 100% of the equity share capital and control.
• Incorporation is subject to approvals under FEMA overseas investment rules and permissions in China and/or India. The entity is yet to be incorporated and its name will be as approved by Chinese authorities.

How investors may read it

A buyback returns cash to shareholders who tender and reduces the outstanding share count once completed. The actual number of shares accepted from any shareholder depends on the entitlement ratio and tendering levels, which will be set out in the letter of offer. The China subsidiary is an outward investment step tied to the company's stated international network expansion; its commitment size is capped at USD 2 Million.

The board meeting commenced at 11:15 AM and concluded at 1:30 PM.

Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.