Tender Offer | ₹73.00 Crores | Listed at BSE, NSE | Tue, Jan 19, 2021 - Tue, Feb 2, 2021
Garware Technical Fibres Ltd Buyback is a tender offer for the repurchase of up to 0.03 crore equity shares at a buyback price of ₹2300 per share with a face value of ₹10 per share, aggregating to ₹73.00 crores.
The record date for determining eligible shareholders is Dec 11, 2020. Shareholders holding equity shares as on the record date are eligible to participate in the buyback.
The buyback opens on Jan 19, 2021 and closes on Feb 2, 2021, with the last date for receipt of tender forms being Feb 4, 2021.
The finalisation of buyback acceptance is expected on Feb 10, 2021, followed by settlement of bids on Feb 11, 2021.
Ambit Pvt.Ltd. is the Manager to the Buyback and MUFG Intime India Pvt.Ltd. is the Registrar and Ambit Capital Private Limited is the Registered Broker to the Buyback.
Investors are advised to refer to the Garware Technical Fibres Ltd Letter of Offer for detailed information, including eligibility criteria, entitlement ratio, acceptance methodology, and tax implications.
Offer Opening Date
Tue, Jan 19, 2021
Offer Closing Date
Tue, Feb 2, 2021
Buyback Price
₹2300 per share
Record Date
December 11, 2020
| Category | Entitlement Ratio of Buyback |
|---|---|
| Reserved Category for Small Shareholders | 5 Equity Shares out of every 38 Equity Shares held on the Record Date. |
| General Category for all other Eligible Shareholders | 4 Equity Shares out of every 305 Equity Shares held on the Record Date. |
| Particulars | For the year/period ended (Rs in Million) | ||
|---|---|---|---|
| 31-Mar-20 | 31-Mar-19 | 31-Mar-18 | |
| Total Revenue | 9,852.74 | 10,389.01 | 9,034.25 |
| Profit After Tax | 140.51 | 1,256.80 | 1,051.73 |
| Reserves and Surplus | 7,172.40 | 6,284.64 | 5,184.77 |
Incorporated in 1976, Garware Technical Fibres Limited is one of India's leading players in the technical textiles sector. The company 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 geosynthetics.
As of Jan 2021, Garware Technical four subsidiaries, one in Chile, one in the United States of America, and two in India. The Company has two manufacturing plants - one at Chinchwad and the other at Wai. Further, the Company has 4 (four) regional offices and 14 (fourteen) offices/depots in India to serve its customers. The company has a global presence with six overseas offices and customers in over 75 countries.
Garware Technical is the pioneer of synthetic cordage in India. The R&D Unit of the company is recognized by the Department of Science & Technology, Government of India. The company carries a strong credit rating of 'AA' indicating strong financial ability. The company has been awarded the Star Export House for many years.
| Month | High Price | Low Price | Average Price |
|---|---|---|---|
| Nov-2020 | 2,298.00 | 1,814.00 | 2,055.00 |
| Oct-2020 | 2,250.00 | 1,837.00 | 2,032.00 |
| Sep-2020 | 2,204.00 | 1,737.00 | 1,960.00 |
| Month | High Price | Low Price | Average Price |
|---|---|---|---|
| Nov-2020 | 2,300.00 | 1,812.00 | 2,063.00 |
| Oct-2020 | 2,250.00 | 1,835.00 | 2,032.00 |
| Sep-2020 | 2,205.00 | 1,751.00 | 1,961.00 |
The Buyback is being undertaken by the company to return the surplus cash to the shareholders in an effective and efficient manner.
Garware Technical Fibres Ltd
Plot No. 11, Block D-1,
MIDC, Chinchwad, Pune – 41
Pune, Maharashtra
Lead Manager(s)
Registered Broker
The Garware Technical Buyback opens on January 19, 2021, and closes on February 2, 2021.
The Garware Technical Buyback last day to buy is not available as of now.
The Garware Technical Buyback is a Tender Offer.
Garware Technical Buyback Schedule
| Buyback Opening Date | January 19, 2021 |
| Buyback Closing Date | February 2, 2021 |
| Last Date for receipt of Tender Forms | February 4, 2021 |
| Finalisation of Buyback Acceptance | February 10, 2021 |
| Last Date for settlment of bids | February 11, 2021 |
| Last Date for Extinguishment of Shares | February 18, 2021 |
The Garware Technical Buyback is being offered at Rs ₹2300 per share.
| Category | Entitlement Ratio of Buyback |
|---|---|
| Reserved Category for Small Shareholders | 5 Equity Shares out of every 38 Equity Shares held on the Record Date. |
| General Category for all other Eligible Shareholders | 4 Equity Shares out of every 305 Equity Shares held on the Record Date. |
The issue size of Garware Technical Buyback is 3,17,391 equity shares at ₹2300 per share aggregating up to ₹73.00 Crores.
The Buyback is being undertaken by the company to return the surplus cash to the shareholders in an effective and efficient manner.
All the eligible Shareholders of the Company holding either Physical Shares or Demat Shares as on the Record Date can participate in the buyback offer through their Stock Broker.
The eligible shareholder holding the shares in Demat form needs to inform their broker the details of the Equity shares they wish to tender in the Buyback Offer. The shareholder needs to transfer the tendered shares to a Special account of the clearing corporation. The broker, in turn, would place an order on the stock exchange for the buyback.
The eligible shareholder holding the shares in physical form needs to approach their broker with original share certificates and supporting documents. Upon completion of document verification, the broker places an order on the stock exchange and submits the original share certificate and TRS to the registrar.
The tender form and TRS are optional in the case of Demat shares but mandatory in the case of physical shares.
The Garware Technical Buyback offers an opportunity for the shareholders to exit their positions at a premium price. In case you stay invested you would have an increased percentage of shareholding in the company and improved earnings per share. Thus, one should understand the company fundamentals along with one's need, goals, and risk appetite to decide if one wants to stay invested or participate in the buyback offer.
