Tender Offer | ₹199.50 Crores | Listed at BSE, NSE | Mon, Apr 1, 2024 - Fri, Apr 5, 2024
Garware Technical Fibres Ltd. Buyback is a tender offer for the repurchase of up to 0.05 crore equity shares at a buyback price of ₹3800 per share with a face value of ₹10 per share, aggregating to ₹199.50 crores.
The record date for determining eligible shareholders is Mar 26, 2024. Shareholders holding equity shares as on the record date are eligible to participate in the buyback.
The buyback opens on Apr 1, 2024 and closes on Apr 5, 2024, with the last date for receipt of tender forms being Apr 5, 2024.
The finalisation of buyback acceptance is expected on Apr 12, 2024, followed by settlement of bids on Apr 15, 2024.
Motilal Oswal Investment Advisors Ltd. is the Manager to the Buyback and MUFG Intime India Pvt.Ltd. is the Registrar and Motilal Oswal Financial Services 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
Mon, Apr 1, 2024
Offer Closing Date
Fri, Apr 5, 2024
Buyback Price
₹3800 per share
Record Date
March 26, 2024
| Category | Entitlement Ratio of Buyback | Shares Offered |
|---|---|---|
| Reserved Category for Small Shareholders | 2 Equity Shares out of every 13 Fully paid-up Equity Shares held on the Record Date. | 78,750.00 |
| General Category for all other Eligible Shareholders | 2 Equity Shares out of every 89 Fully paid-up Equity Shares held on the Record Date. | 446,250.00 |
Garware Technical Fibres Limited's revenue increased by 9.75% and profit after tax (PAT) rose by 4.5% between the financial year ending with March 31, 2023 and March 31, 2022.
| Period Ended | 30 Sep 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
| Assets | 1,493.17 | 1,415.08 | 1,318.88 | |
| Revenue | 673.40 | 1,333.45 | 1,214.94 | 1,069.24 |
| Profit After Tax | 95.44 | 172.20 | 164.78 | 158.40 |
| Reserves and Surplus | 1,003.36 | 970.49 | 814.92 | |
| Amount in ₹ Crore | ||||
Founded in 1976, Garware Technical Fibres (GTF) is a technical textiles company that manufactures ropes, tarpaulins, and nets.The company is known for its innovative solutions for aquaculture cage nets, fishing nets, sports nets, safety nets, agricultural nets, coated fabrics, synthetic ropes, and geosynthetics.
GTF's products are used in fisheries, aquaculture, shipping, sports, agriculture, coated fabrics, and geo-synthetics segments. The company's IR Nylon rope is designed to provide elasticity and shock absorption, making it suitable for applications where durability is essential.
The company has six offices abroad and has a presence in 75 countries. The company has 27 patents granted under its name.
The company has received certification of ISO 9001: 2015 and ISO 14001-2015 from BVC, UK.
| Month | High Price | Low Price | Average Price |
|---|---|---|---|
| Dec-2023 | 3,478.95 | 3,219.65 | 3,352.05 |
| Nov-2023 | 3,429.15 | 3,100.00 | 3,200.69 |
| Oct-2023 | 3,285.00 | 3,028.70 | 3,158.03 |
| Month | High Price | Low Price | Average Price |
|---|---|---|---|
| Dec-2023 | 3,463.85 | 3,227.00 | 3,353.59 |
| Nov-2023 | 3,423.00 | 3,078.40 | 3,202.36 |
| Oct-2023 | 3,289.00 | 3,026.55 | 3,157.98 |
Buyback is being undertaken, inter-alia, for the following reasons:
Garware Technical Fibres Ltd.
Plot No. 11, Block D-L
M.I.D.C.,Chinchwad,
Pune-411 019,
Pune, Maharashtra, 411019
Lead Manager(s)
Registered Broker
The Garware Technical Fibres Buyback 2024 opens on April 1, 2024, and closes on April 5, 2024.
Last date to be eligible to participate in buyback is March 22, 2024.
The Garware Technical Fibres Buyback 2024 is a Tender Offer.
Garware Technical Fibres Buyback 2024 Schedule
| Buyback Opening Date | April 1, 2024 |
| Buyback Closing Date | April 5, 2024 |
| Last Date for receipt of Tender Forms | April 5, 2024 |
| Finalisation of Buyback Acceptance | April 12, 2024 |
| Last Date for settlment of bids | April 15, 2024 |
| Last Date for Extinguishment of Shares | April 25, 2024 |
The Garware Technical Fibres Buyback 2024 is being offered at Rs ₹3800 per share.
| Category | Entitlement Ratio of Buyback | Shares Offered |
|---|---|---|
| Reserved Category for Small Shareholders | 2 Equity Shares out of every 13 Fully paid-up Equity Shares held on the Record Date. | 78,750.00 |
| General Category for all other Eligible Shareholders | 2 Equity Shares out of every 89 Fully paid-up Equity Shares held on the Record Date. | 446,250.00 |
The issue size of Garware Technical Fibres Buyback 2024 is 5,25,000 equity shares at ₹3800 per share aggregating up to ₹199.50 Crores.
Buyback is being undertaken, inter-alia, for the following reasons:
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 Fibres Buyback 2024 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.
