Letter of Offer for buyback of up to 1,562,500 shares at INR 960/- each; tender offer opens October 15

Letter of Offer shared for a buyback of up to 1,562,500 equity shares at INR 960/- each, aggregating up to INR 1,500,000,000, excluding costs.

Mon 12 Oct 2026

Buyback size

up to 1,562,500 equity shares

Buyback price

INR 960/- each

Aggregate amount

up to INR 1,500,000,000, excluding costs

The company has shared its Letter of Offer dated October 11, 2026 with the stock exchanges, setting out the terms of its buyback on a proportionate basis through the tender offer route.

What is proposed

• Buyback of up to 1,562,500 fully paid-up equity shares, representing up to 2.03% of the total number of equity shares in the total paid-up equity capital as on March 31, 2026.
• Buyback price: INR 960/- per equity share, payable in cash.
• Aggregate maximum amount: INR 1,500,000,000, excluding transaction costs.

Offer size in context

• The offer size is stated to represent 6.76 % of the aggregate of paid-up equity capital and free reserves on a standalone basis and 6.15% on a consolidated basis, as per the audited financial statements for the year ended March 31, 2026.

Who can tender and how much

• The offer is open to shareholders on the record date of October 9, 2026, other than the promoter and promoter group, who have declared their intention not to participate in the buyback; their shares are not considered when working out the entitlement ratio.
• Small shareholders (reserved category): buyback entitlement of 12.4522233096057%.
• All other eligible shareholders (general category): buyback entitlement of 5.9827180587835%.
• The ratios are indicative; the actual entitlement may differ slightly because of rounding.
• Eligible shareholders can also tender additional shares over and above their entitlement, up to the number of shares held on the record date.

Schedule to note

• Buyback opens: October 15, 2026.
• Buyback closes: October 22, 2026.
• Last date for the registrar to receive completed tender forms and other specified documents: October 22, 2026.
• Last date of verification of tender forms by the registrar: October 26, 2026.
• Last date of intimation to the stock exchanges on acceptance or non-acceptance: October 27, 2026.
• Last date of settlement of bids by the stock exchanges: October 28, 2026.
• Last date of dispatch of share certificates, payment to eligible shareholders and return of unaccepted demat shares: October 28, 2026.
• Last date of extinguishment of the equity shares bought back: October 30, 2026.

Who is handling it

• Manager to the buyback: ICICI Securities Limited.
• Registrar to the buyback: KFin Technologies Limited.
• The escrow account, named Transport Corporation of India Limited Buy Back 2026 Escrow Account, is with ICICI Bank Limited under an escrow agreement dated October 1, 2026.

What shareholders may take away

• The update spells out the price, the number of shares, the entitlement percentages and the full calendar, so a shareholder can decide whether and how much to tender within the window.
• The entitlement is pre-filled in the tender form, and shareholders can also check it on the registrar's website.

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