Freshtrop Fruits Limited (BSE:530077) announces a share repurchase program. Under the offer, the company will repurchase up to 1,925,000 shares, representing 19.45% of its issued share capital, for INR 336.88 million. The shares will be repurchased at a price of INR 175 per share.

The purpose of the buyback is returning excess cash to shareholders, thereby increasing shareholders? value in the longer term, and improving the Return on Equity. The repurchases will be sourced out of the free reserves of the Company and/ or such other source as may be permitted by the Buyback Regulations or the Act.

The company has set April 2, 2024 as the record date for the offer. The program is subject to consent of members of the company by way of Special Resolution. The program is valid till 1 year from the date of passing of the Special Resolution.

The offer will close on April 16, 2024. As of February 2, 2024, the company had 9,894,902 shares issued and outstanding.