Gujarat Narmada Valley Fertilizers & Chemicals Limited (NSEI:GNFC) announces a share repurchase program. Under the program, the company will repurchase up to 8,478,100 shares, representing 5.46% of its issued share capital, for INR 6,528.14 million. The repurchase price will be INR 770 per share.

The purpose of the offer is to improve return on equity, earning per share and return on capital employed, thereby leading to long term increase in shareholder?s value; to achieve optimal capital structure; to distribute surplus cash to the shareholders thereby enhancing overall return to them and to provide an option to the shareholders to either participate in the buyback and get cash in lieu of their shares or not participate in the buyback and enjoy an increase in their percentage shareholding post the buyback, without additional investment. The offer will be funded from company's free reserves and/or securities premium account and/or other sources as permitted by the law. The company has fixed November 24, 2023, as the record date for the offer.

The offer will expire on December 7, 2023. As of November 3, 2023, the company had 155,418,783 shares outstanding.