03-Feb-2024
2 mins read
Garware Technical Fibres Limited has recently announced a buyback. This offers open on April 1, 2024 and closes on April 5, 2024. The last date to buy shares is March 22, 2024 and the record date is March 26, 2024. The issue size of shares will be 525,000, and the issue size in amount will be Rs 199.50 Crores. The buyback price is set as Rs 3800 per share with a face value of Rs 10 per share listing at both BSE and NSE.
Garware Technical Fibres Product Details
Established in 1976, Garware Technical Fibres (GTF) is a specialized textiles firm engaged in the production of ropes, tarpaulins, and nets. Renowned for its pioneering approaches in the development of aquaculture cage nets, fishing nets, sports nets, safety nets, agricultural nets, coated fabrics, synthetic ropes, and geosynthetics, GTF's offerings find extensive applications across the fisheries, aquaculture, maritime, sports, agriculture, coated fabrics, and geo-synthetics sectors. Its IR Nylon rope is specifically engineered to offer both flexibility and shock absorption, making it ideal for use in situations where robustness is paramount.
GTF boasts a global footprint, with six international offices and operations spanning 75 countries. The company is distinguished by its intellectual property portfolio, holding 27 patents. Furthermore, it has achieved ISO 9001: 2015 and ISO 14001-2015 certifications from BVC, UK, underscoring its commitment to quality and environmental management standards.
Company Financials of Garware Technical Fibres Limited (In Crore)
Between the fiscal year concluding on March 31, 2023, and the previous year ending on March 31, 2022, Garware Technical Fibres Limited experienced a revenue growth of 9.75% and a profit after tax (PAT) increase of 4.5%.
| Period Ended | 31-Mar-23 | 31-Mar-22 | 31-Mar-21 |
| Assets | 1,493.17 | 1,415.08 | 1,318.88 |
| Revenue | 1,333.45 | 1,214.94 | 1,069.24 |
| Profit After Tax | 172.2 | 164.78 | 158.4 |
| Reserves and Surplus | 1,003.36 | 970.49 | 814.92 |
Important details of Garware Technical Fibres Limited Buyback 2024
| Issue Period | April 1, 2024 to April 5, 2024 |
| Security Name | Garware Technical Fibres Limited |
| Issue Type | Tender Offer |
| Issue Size (Shares) | 525,000 |
| Issue Size (Amount) | Rs 199.50 Crores |
| Buyback Price | Rs 3800 per share |
| Face Value | Rs 10 per share |
| Listing At | BSE, NSE |
The Necessity of the Garware Technical Fibres Limited Buyback 2024
This buyback will help the company to return surplus to its equity share holders broadly in the proportion to their shareholding. This buyback issue will be implemented to the tender offer route. Buyback may help in improving its earning per share and return on equity by reduction in the equity base, thereby leading to a long term increase in the shareholders value.
Lead managers for Garware Technical Fibres Limited Buyback 2024
The lead managers of the Garware Technical Fibres are Motilal Oswal Investment Advisors Limited.
FAQs
- What are the important details of Garware Technical Fibres Limited's buyback in 2024?
The Garware Technical Fibres Limited Buyback 2024 is a strategic financial initiative where the company plans to repurchase 525,000 of its own shares from existing shareholders. The total value of the buyback is pegged at Rs 199.50 Crores, with the buyback price set at Rs 3800 per share. Each share has a face value of Rs 10 and is listed on both BSE and NSE.
- When is the issue period for the Garware Technical Fibres Limited Buyback 2024?
The issue period for the Garware Technical Fibres Limited Buyback opens from April 1, 2024 and closes on April 5, 2024.
- Why is Garware Technical Fibres Limited conducting a buyback?
This buyback will help the company to return surplus to its equity share holders broadly in the proportion to their shareholding. This buyback issue will be implemented to the tender offer route. Companies typically undertake buybacks for reasons such as to return surplus cash to shareholders, improve financial ratios, increase shareholder value, or prevent takeover threats.
- What has been the financial performance of Garware Technical Fibres Limited leading up to the buyback?
In the fiscal year ending March 31, 2023, Garware Technical Fibres Limited reported a revenue growth of 9.75% and a profit after tax (PAT) increase of 4.5% compared to the previous fiscal year. This indicates a strong financial performance and growth trajectory for the company.
- How to apply for the Garware Technical Fibres Limited Buyback 2024?
To apply for the Garware Technical Fibres Limited Buyback 2024, investors should wait for the public issue to open for subscription. Once it is open, they can apply by clicking here. This process will guide them through submitting their application for the buyback offer.
- How can I check the allotment status of the Garware Technical Fibres Limited Buyback 2024?
The allotment status for the Garware Technical Fibres Limited Buyback 2024 can be checked by visiting here. The lead managers for this issue is Link Intime Private Limited.