Garware Technical Fibres Limited announces an Equity Buyback for 525,000 shares, representing 2.58% for INR 1,995 million.
January 30, 2024 at 12:00 am EST
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Garware Technical Fibres Limited (BSE:509557) announces a share repurchase program. Under the program, the company will repurchase up to 525,000 shares, representing 2.58% of its share capital for INR 1,995 million. The shares will be repurchased at a price of INR 3,800 per share. The purpose of the offer is to return surplus funds to the shareholders thereby enhancing the overall return to the shareholders, to improve financial ratios like return on equity and earnings per share 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 shares repurchased will be funded from the free reserves of the Company. The company has fixed March 12, 2024 as the Record Date for the offer. The offer is subject to the approval of the shareholders by way of a special resolution through postal ballot. The program is valid within a period of 1 year from the date of special resolution by the Shareholders i.e. till April 5, 2024. As of December 31, 2023, the company had 20,378,169 shares in issue.
On February 20, 2024, the company revised the record date from March 12, 2024 to March 26, 2024.
Garware Technical Fibres Limited is an India-based multi-divisional, multi-geographical technical textiles company. The Company's solutions include aquaculture, fisheries, agriculture, coated fabrics, shipping and offshore, defense and government sector, sports, geo-synthetics, industrial, material handling, safety, and yarn and threads. The Company's business segments include Synthetic Cordage, and Fibre and Industrial Products and Projects. The Synthetic Cordage segment comprises of ropes, twines and nettings made of twine. The Fibre and Industrial Products and Projects segment comprises of fibre, synthetic fabric, yarn, woven and non-woven textiles, secugrids, coated steel gabions, machinery and project. Its products are manufactured in facilities at Wai and Pune in Maharashtra, India, and are marketed in more than 75 countries worldwide. Its subsidiaries include Garware Environmental Services Pvt. Ltd., Garware Technical Fibres Chile SPA and Garware Technical Fibres USA Inc.