K.P.R. Mill Limited announces an Equity Buyback for 3,750,784 shares, representing 5.17% for INR 2,633.05 million.
April 30, 2019 at 01:39 am EDT
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K.P.R. Mill Limited (BSE:532889) announces a share repurchase program. Under the program, the company will repurchase up to 3,750,784 shares, representing 5.17% of its issued share capital for INR 2,633.05 million. The shares will be repurchased at a price of INR 702 per share. The purpose of the offer is to return surplus cash to the shareholders thereby enhancing overall return to them, to reduce the number of equity shares, to improve return on equity thereby leading to long term increase in shareholder’s value, to optimize the capital structure, to provide an option to the shareholders to either participate in the buyback and get cash in lieu of their share or not participate in the buyback and enjoy a resultant increase in their percentage shareholding without additional investment. The offer will be funded out of the company’s free reserves and/or share premium account and/or surplus and/or cash balances and/or internal accruals and/or internally generated cash resources and/or other sources as permitted by the law. The plan is subject to approval of the shareholders through postal ballot. The company fixed June 19, 2019, as record rate for the offer. The program will expire on November 11, 2019. As on April 26, 2019, the company had 72,560,784 shares in issue.
K.P.R. Mill Limited is a vertically integrated apparel manufacturing company. The Company is engaged in the manufacture and sale of Yarn, knitted fabric, readymade garments, and wind power. Its segments include Textile, Sugar, and Others. Its products include yarn, fabric, garments, and sugar. Its yarn ranges include compact yarn, combed yarn, carded yarn, melange yarn, polyester cotton, viscose yarn, and grindel yarn. It also specializes in special yarns, such as color melange, slub yarn, injection slub and others. Its fabric products include single jersey, interlock, 1x1 rib, 2x1 rib, two thread fleece, three thread fleece, pique polo, single jersey with spandex yarn-all/ alternate feeder, and collar and cuff. It offers a range of knitted garments for men, women, and children out of cotton, organic cotton, cotton blends and fair-trade cotton. It also manufactures white crystalline sugar. Its subsidiaries include Quantum Knits Pvt. Limited and K.P.R. Sugar Mill Limited.
K.P.R. MILL LIMITED 
