Board approves tender-offer buyback of up to 15,62,500 shares at INR 960; record date October 9, 2026

Board 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.

Tue 29 Sep 2026

Buyback Share Count

up to 1,562,500 equity shares

Buyback Price per Share

INR 960

Total Buyback Amount

up to INR 1,500,000,000

Percentage of Paid-up Capital

2.03%

Record Date

October 9, 2026

What the Board approved

• Buyback of up to 1,562,500 fully paid-up equity shares of face value INR 2 each.
• Buyback price INR 960 per share, payable in cash.
• Aggregate size not exceeding INR 1,500,000,000, excluding transaction costs and taxes.
• Shares being bought back are up to 2.03% of the paid-up equity share capital.
• Size equals 6.76% of standalone and 6.15% of consolidated paid-up capital plus free reserves as at March 31, 2026.

Record date

October 9, 2026 has been fixed as the record date to determine which shareholders are eligible to participate.

Who can tender

The buyback is through the tender offer route on a proportionate basis, open to all equity shareholders as on the record date except promoters and promoter group. Promoters and promoter group, who hold 52749590 shares or 68.66% of the total 76831142 shares, have stated by letter their intention not to participate. Public shareholders therefore have the whole entitlement among themselves.

The Board or Buyback Committee may, till one working day before the record date, increase the buyback 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 with process and timelines will follow.

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 an LLC, for logistics and supply chain activities. The Company will hold 100% of its equity and control. The overall financial commitment is up to USD 2 Million, in one or more tranches, which may include equity, loan and/or a Standby Letter of Credit guarantee. The entity is intended to support an integrated India–China–Far East logistics corridor, with initial focus on a Free Trade Zone in Shanghai or Shenzhen. The name and incorporation date will follow once approved by Chinese authorities.

How to read it

A buyback returns cash to shareholders and reduces the outstanding share count. Since promoters are not tendering, the acceptance ratio for eligible public shareholders is determined among the non-promoter base. Cash of up to INR 1,500,000,000 plus costs leaves the balance sheet if the buyback is fully completed.

Shareholding as on September 25, 2026 also shows mutual funds at 11.23%, small resident individuals at 9.00% and foreign portfolio investors at 3.02%.

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