S.P. Apparels ends higher after board OKs Rs 35-cr buy-back

21 Sep 2022 , 03:50 PM

The company plans to buy-back shares at Rs 585 each for an aggregate amount not exceeding Rs 35.10 crore. The buy-back offer price of Rs 585 per equity share represents a 39.35% premium to Tuesday (21 September 2022) closing price of Rs 419.80 on the BSE. The resultant equity shares to be bought back at the buyback offer price are 6 lakh equity shares, representing 2.34% of the total equity shares in the existing total paid-up equity share capital of the company as on 31 March 2022. The buyback offer size represents 5.68% and 5.62% of the aggregate of the companys fully paid-up equity capital and free reserves as per the latest standalone and consolidated audited financial statements of the company, respectively, for the financial year ended 31 March 2022. The record date for the said buyback is 07 October 2022. As on 30 June 2022, promoters held 61.69% stake in the company while the remaining 38.31% stake was held by public shareholders. S.P. Apparels is one of the leading manufacturers and exporters of knitted garments for infants and children in India. It provides end-to-end garment manufacturing from Yarn to finished products including body suits, sleep suits, tops and bottoms. The companys consolidated net profit zoomed 123.2% to Rs 25.80 crore in Q1 FY23 from Rs 11.56 crore in Q1 FY22. Revenue from operations increased by 84.7% to Rs 245.78 in the first quarter as compared with Rs 133.08 crore recorded in the same period last year. Powered by Capital Market – Live News