Filatex India Ltd board approves buyback through tender offer at Rs. 140 per share

The Board of Directors of Filatex India Ltd at its meeting held today i.e., 29th March, 2022 has considered and approved the proposal for Buyback of its own fully paid equity shares of Rs. 2/- each ("Equity Shares") from the equity shareholders of the Company as on the record date ("Record Date"), which shall be announced separately, on a proportionate basis through the Tender Offer route.

The Promoter and Promoter Group of the Company have expressed their intention to participate in the above-mentioned Buyback.

The buyback size is 42,50,000 (Forty-Two Lakh and Fifty Thousand) Equity Shares of Rs. 2/- each comprising of 1.89% of the total existing paid-up equity capital of the Company at a price of Rs. 140/- (Rupees One Hundred and Forty Only) per Equity Share for an aggregate amount not exceeding Rs. 59,50,00,000/- (Rupees Fifty-Nine Crore and Fifty Lakh Only) which is 8.63% of the total paid-up equity capital and free reserves of the Company based on latest audited standalone financial statements of the Company as on 31st March, 2021.

The abovementioned Buyback Size i.e. Rs. 59,50,00,000 does not include any expenses incurred or to be incurred for the Buyback like filing fees payable to the Securities and Exchange Board of India, brokerage, applicable taxes (such as income tax, buyback taxes, securities transaction tax, stamp duty and goods and service tax), advisors' fees, public announcement publication expenses, printing and dispatch expenses and other incidental and related expenses.

Shares of Filatex India Limited was last trading in BSE at Rs. 127.90 as compared to the previous close of Rs. 128.45. The total number of shares traded during the day was 86630 in over 1733 trades.

The stock hit an intraday high of Rs. 129.05 and intraday low of 122.45. The net turnover during the day was Rs. 10861798.00.

Source : Equity Bulls

Keywords

FilatexIndia INE816B01027 Buyback TenderOffer INR140