Garware Technical Fibres skyrockets 7% after board approves buyback of equity shares worth ~Rs73cr

The company in the board meeting on Friday has considered and approved the proposal for buyback of up to 3,17,391 fully paid up equity shares of the company having a face value of Rs10.

Nov 27, 2020 09:11 IST India Infoline News Service

Garware Technical Fibres Limited, in the Board Meeting on Friday has considered and approved the proposal for buyback of up to 3,17,391 fully paid up equity shares of the company having a face value of Rs10 from all shareholders/ beneficial owners of the Equity Shares of the company through the “tender offer” route.

Towards close, Garware Technical Fibres was trading at Rs2293.80 per piece up Rs152.25 or 7.11% against previous closing of Rs2141.55 per piece on the BSE. It was 

The buyback offer prize is Rs2,300 per equity share, payable in cash, for an aggregate amount not exceeding ~Rs73cr excluding expenses to be incurred for the buyback viz. brokerage, costs, fees, turnover charges, taxes such as buyback tax, securities transaction tax and goods and services tax (if any), stamp duty, advisors fees, printing and dispatch expenses and other incidental and related expenses and charges.

“The resultant Equity Shares to be bought back at the Buyback Offer Price are 3,17,391 equity shares, representing 1.52% and 1.45% of the total equity shares in the total paid-up equity share capital of the company as on the date of the Board Meeting and of the total Equity Shares in the total paid-up equity share capital of the company as on March 31,2020, respectively,” company said in a regulatory filing on Friday.

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