MphasiS Limited (BSE:526299) announces a share repurchase program. Under the offer, the company will repurchase up to 17,370,078 shares, representing 8.26% of the paid up share capital. The shares will be purchased at a price of INR 635 per share for INR 11,030 million. The shares will be repurchased from all the existing shareholders of the company on a proportionate basis. The shares will be purchased in accordance with the provisions of Securities and Exchange Board of India Regulations, 1998 and the Companies Act, 2013. The program will be funded out of internal accruals of the company. The purpose of the program is to increase earnings per share, return on capital employed and create long term value for the shareholders. The program helps the company to distribute surplus cash to its shareholders in proportion to their shareholding. The offer would be subject to approval of the shareholders of the company by way of a special resolution through postal ballot and all other applicable statutory approvals. The Board noted the intention of the promoter of the company to participate in the buyback. The offer will expire on May 25, 2017. On March 15, 2017, the company announced the record date for buyback program to be March 31, 2017. As on April 28, 2017, the company announced that shares will be repurchased from the shareholders holding shares on the record date on or before May 4, 2017.