Filatex India's board nods buyback worth Rs59.50 crore; stock dips ~1%

29 Mar 2022 , 02:56 PM

Filatex India informed that the Board of Directors of the Company at its meeting held today, March 29, 2022, has considered and approved the proposal for Buyback of its own fully paid equity shares of Rs2 each from the equity shareholders of the Company as on the record date.

The share buyback shall be on a proportionate basis through the tender offer route.

The company proposes a buyback of 42,50,000 shares of Rs2 each comprising 1.89% of the total existing paid-up equity capital of the company at a price of Rs140 each. The total buyback will be for an amount not exceeding Rs59,50,00,000 which is 8.63% of the total paid-up equity capital and free reserves of the Company based on the latest audited standalone financial statements of the Company as of March 31, 2021.

Filatex’s counter fell 0.90% in today’s trade at Rs126.60 against its previous closing price of Rs127.75 on NSE. During the day so far, it hit intraday high and low of Rs131.80 and Rs124.95 respectively.