News: Established back in 1976, Garware Technical Fibres Ltd. (formerly known as Garware-Wall Ropes Ltd.) stands out as a prominent player in India’s technical textiles sector. With a widespread global presence, the company serves customers in 75 different countries. Garware Technical Fibres Ltd. specializes in offering solutions across various domains, including Fisheries, Aquaculture, Shipping, Yarns & Thread, Sports, Coated Fabric, Agriculture, and Geosynthetics.
As a versatile and globally operating technical textiles company, Garware Technical Fibres Ltd. is renowned for delivering top-notch, innovative solutions. These encompass high-performance aquaculture cage nets, fishing nets, sports nets, safety nets, agricultural nets, coated fabrics, polymer ropes, and geosynthetics.
This buyback deal is of the Tender Offer type, with a record date set for March 12, 2024. The company plans to repurchase shares worth ₹199.50 Crores. The proposal got the green light during a Board Meeting held on January 29, 2024, and the public announcement was also made on the same day.
The buyback offer constitutes 2.58% of the company’s shares, totaling 5,25,000 shares. The price offered per equity share is ₹3800, with a face value of ₹10.
The company’s plan involves a buyback of up to 5,25,000 (Five Lakh Twenty-Five Thousand) equity shares, accounting for 2.58% of the total paid-up share capital. Each equity share will be repurchased at a price of Rs. 3800/- (Rupees Three Thousand Eight Hundred only), payable in cash. The total expenditure for this buyback is not expected to exceed Rs. 199,50,00,000 (Rupees One Hundred Ninety Nine Crores Fifty Lakhs only).
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Here’s a simplified overview of the financial performance of the company over the past five years:
Particulars (In Cr) | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 |
---|---|---|---|---|---|
Sales | 1,018 | 953 | 1,035 | 1,189 | 1,306 |
Expenses | 826 | 775 | 830 | 966 | 1,076 |
Operating Profit | 192 | 178 | 204 | 223 | 230 |
OPM % | 19% | 19% | 20% | 19% | 18% |
Other Income | 21 | 32 | 35 | 25 | 28 |
Interest | 14 | 12 | 10 | 11 | 12 |
Depreciation | 17 | 19 | 21 | 21 | 22 |
Profit before tax | 182 | 179 | 208 | 216 | 223 |
Tax % | 31% | 21% | 24% | 24% | 23% |
Net Profit | 126 | 141 | 158 | 165 | 172 |
EPS in Rs | 57.44 | 64.22 | 76.83 | 79.92 | 84.5 |
Dividend Payout % | 9% | 26% | 3% | 9% | 4% |
Eligibility Check (Before March 12, 2024):
Participation in Buyback Process:
Payment and Share Return (On [To be updated]):
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