Buyback Details

  • Buyback Size: Up to 24,00,000 equity shares (1.47% of total paid-up equity capital)
  • Buyback Price: ₹500 per equity share (face value ₹1 each)
  • Total Consideration: ₹120.00 crore (excluding transaction costs)
  • Percentage of Net Worth: 4.84% of standalone and 4.87% of consolidated paid-up capital and free reserves as of March 31, 2026
  • Maximum Permissible Limit: ₹246.56 crore (10% of net worth) as per Companies Act
  • Record Date: Friday, November 13, 2026 for determining eligible shareholders
  • Offer Route: Tender offer through stock exchange mechanism

Financial Parameters (as of March 31, 2026)

  • Standalone Paid-up capital + Free reserves: ₹2,477.61 crore
  • Consolidated Paid-up capital + Free reserves: ₹2,465.59 crore
  • Paid-up equity capital: 16.28 crore (162,810,084 shares of ₹1 each)
  • Free reserves breakdown: General reserves ₹309.42 crore (standalone), ₹308.11 crore (consolidated); Retained earnings ₹2,151.91 crore (standalone), ₹2,141.20 crore (consolidated)

Premium Analysis

The buyback price of ₹500 represents:

  • 45.58% premium to NSE closing price (₹343.50) and 45.45% premium to BSE closing price (₹343.70) on October 19, 2026
  • 36.37% premium to NSE 60-day VWAP and 35.79% premium to BSE 60-day VWAP preceding October 21, 2026
  • 46.77% premium to NSE 10-day VWAP and 44.86% premium to BSE 10-day VWAP preceding October 21, 2026

Funding Source

The buyback will be funded from free reserves and/or securities premium account of the company in accordance with Section 68(1) of Companies Act and Regulation 4(ix) of SEBI Buyback Regulations.

Promoter Shareholding and Participation

  • Total Promoter & Promoter Group Holding: 11,34,10,433 shares (69.66%)
  • Major Promoter Holdings:
  • Ms. Nomita Ramdas Chandavarkar: 3,69,16,689 shares (22.67%)
  • Nandan Mohan Chandavarkar (Sandhya Mohan Chandavarkar Trust): 2,02,77,170 shares (12.45%)
  • Nandan Mohan Chandavarkar (Mohan Anand Chandavarkar Trust): 2,02,77,171 shares (12.45%)
  • Leo Advisors Private Limited: 1,49,35,092 shares (9.17%)
  • Mrs. Aditi C. Bhanot: 1,10,69,381 shares (6.80%)
  • Mr. Ameya Ashok Chandavarkar: 99,23,930 shares (6.10%)
  • Promoter Intention: All promoters have indicated intention to participate through letters dated October 27, 2026

Small Shareholder Reservation

  • 15% of buyback shares (3,60,000 shares) reserved for small shareholders
  • Small shareholder defined as those with shareholding value not exceeding ₹2,00,000 based on closing price on record date

Transaction Structure

  • Manager to Offer: Sundae Capital Advisors Private Limited
  • Company Broker: Eureka Stock & Share Broking Services Limited
  • Registrar to Offer: MUFG Intime India Private Limited
  • Designated Stock Exchange: NSE
  • Settlement: Through clearing corporation mechanism

Process Details

  • Tendering Period: Through NSE acquisition window
  • Settlement: Similar to secondary market settlements
  • Physical Share Participation: Allowed with complete documentation
  • Foreign Shareholder Participation: Subject to RBI approvals under FEMA

Post-Buyback Impact

  • Capital Reduction: Shares bought back will be extinguished and physically destroyed
  • Capital Redemption Reserve: Sum equal to nominal value of bought-back shares will be transferred to CRR account
  • Debt-Equity Ratio: Will remain below 2:1 maximum limit
  • Public Shareholding: Will not fall below minimum required level

Additional Commitments

  • No further capital raising for one year after buyback completion
  • No issue of equity shares or specified securities until buyback completion
  • No withdrawal of buyback offer after public announcement
  • No delisting through buyback

Tax Implications

  • Buyback transaction chargeable to securities transaction tax
  • Capital gains tax implications for participating shareholders
  • Shareholders advised to consult their tax advisors

Document Publication

Public announcement published on October 29, 2026 in:

  • Business Standard (English all editions)
  • Business Standard (Hindi all editions)
  • Navshakti (Marathi Mumbai edition)

Key Dates

  • Board Approval: October 27, 2026
  • Public Announcement: October 29, 2026
  • Record Date: November 13, 2026
  • Letter of Offer Dispatch: Within 2 working days from record date