Stock Buyback: Multibagger Company Fixes Record Date For Buyback With Rs. 3,750 Offer Price

Garware Technical Fibres Ltd. is a multibagger stock that has given a 285.74% return in the last 5 years. Its share price is recorded at Rs. 3,550 a piece, till October 27, on NSE. Recently, the company has declared a stock buyback of up to 2,40,000 fully paid-up equity shares, at a price of Rs. 3,750 per Equity Share.

Garware Technical Fibres Ltd. informed the stock exchange that the Board of Directors of the company has considered and approved the proposal for buyback of up to 2,40,000 fully paid up equity shares of the Company having a face value of Rs. 10 ("Equity Shares" and such buyback "Buyback") from all shareholders/ beneficial owners of the Equity Shares of the Company...at a price of Rs. 3,750 per Equity Share ("Buyback Offer Price"), payable in cash, for an aggregate amount not exceeding Rs. 90,00,00,000, 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 ("Buyback Offer Size").

The company added, "The resultant Equity Shares to be bought back at the Buyback Offer Price are 2,40,000 Equity Shares, representing 1.16% 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 as on March 31,2022. The Buyback Offer Size represents 9.57% and 9.86% of the aggregate of the Company's fully paid-up capital and free reserves as per the latest standalone and consolidated audited financial statements of the Company, respectively, as on March 31, 2022. In terms of the Regulation 42 of the SEBI LODR Regulations and Regulation 9(i) of the Buyback Regulations, the Company has fixed Friday, November 4, 2022 as the Record Date for determining the entitlement and the names of the eligible shareholders / beneficial owners to whom the letter of offer will be sent and who will be eligible to participate in the Buyback."

Garware Technical Fibres Ltd. is one of India's leading players in the technical textiles sector. Established in 1976, the company today is a multi-divisional, multi-geographical technical textiles company and is known for providing world class innovative solutions in high performance aquaculture cage nets, fishing nets, sports nets, safety nets, agricultural nets, coated fabrics, polymer ropes and geo-synthetics.