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Multibagger Packaging Stock Sets Record Date For Share Buyback, Shares Rally
Leading small cap multibagger Packaging sector stock, Cosmo First has fixed record date as December 1, 2022 for buyback of shares. The board of directors of Cosmo First approved buyback of 10 lakh equity shares via the tender offer route. The company has fixed share buyback price at Rs 1070 per equity share, inferring a premium of 33% from Wednesday closing price of the scrip. Cosmo First is scheduled to spend Rs 108 crore for share buyback.
It is worth noting that this is the second buyback of shares of the company. Earlier, it had announced buyback 2 years back in November 2020. Check vital details below:
1. Board Of Cosmo First Fixes Record Date For Share Buyback
The board of directors of the company said in the BSE filing, "Buyback of fully paid up Equity Shares of face value of Rs. 10 (Rupees Ten Only) each not exceeding 10,09,345 Equity Shares (representing 3.70%. of the total paid up equity share capital of the Company as on March 31, 2022 adjusted for Bonus Issue in June 2022) at a price of Rs. 1070/-per Equity Share (the "Buy Back Offer Price") payable in cash for an aggregate maximum amount not exceeding Rs.108,00,00,000/- (Rupees One Hundred and Eight Crore)."
The company has fixed December 14, 2022 as the Record Date for share buyback.
2. Cosmo First Stock Performance
The last trading price of the stock is Rs 828 apiece with an intraday gain of over 3%. The 52-week high is Rs 1427 apiece and 52-week low is 657 apiece, respectively.
3. Cosmo First Return
The stock has jumped 20% in just 1-week, nearly 7% in 1-month, declined 8% in 3 months, and given return of 428% in last 3-years. In last 5-years, the stock has given return of 251%. The stock has fallen 7% in last 1-year.
4. Cosmo First About
The small cap company was incorporated in 1976. Cosmo Films (CFL) promoted by Ashok Jaipuria(son of the late Sitaram Jaipuria former CMD of SWadeshi Polytex) is the pioneer in the manufacture of biaxially-oriented polypropylene(BOPP) film which is extensively used in the consumer product industry for packaging.
Disclaimer
The stock provides details related to share buyback. Greynium Information Technologies and the author are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.
