FDC Limited (BSE:531599) announces a share repurchase program. Under the program, the company will repurchase up to 3,100,000 shares, representing 1.87% of its issued share capital, for INR 1,550 million. The shares will be repurchased at a price of INR 500 per share.

The buyback will be made out of the company?s current surplus and/or cash balances and/or internal accruals and/or operating cash inflows and/or free reserves and/or free reserves of the company and/or liquidation of existing nontrade investments being held by the company and/or such other sources as may be permitted by law. The objective is to maximize returns to investors, to reduce total number of shares and enhance overall shareholder value by returning cash to shareholders in an efficient manner and investor friendly manner. The company has fixed August 25, 2023, as the record date for the offer.

The offer will expire on September 6, 2023. As of August 9, 2023, the company had 165,910,084 shares in issue.