Tender Offer | ₹90.00 Crores | Listed at BSE, NSE | Mon, Dec 5, 2022 - Fri, Dec 16, 2022
Garware Technical Fibres Ltd. Buyback is a tender offer for the repurchase of up to 0.02 crore equity shares at a buyback price of ₹3750 per share with a face value of ₹10 per share, aggregating to ₹90.00 crores.
The record date for determining eligible shareholders is Nov 4, 2022. Shareholders holding equity shares as on the record date are eligible to participate in the buyback.
The buyback opens on Dec 5, 2022 and closes on Dec 16, 2022, with the last date for receipt of tender forms being Dec 16, 2022.
The finalisation of buyback acceptance is expected on Dec 26, 2022, followed by settlement of bids on Dec 27, 2022.
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
Mon, Dec 5, 2022
Offer Closing Date
Fri, Dec 16, 2022
Buyback Price
₹3750 per share
Record Date
November 4, 2022
| Category | Entitlement Ratio of Buyback |
|---|---|
| Reserved Category for Small Shareholders | 3 Equity Share out of every 41 Fully paid-up Equity Shares held on the Record Date. |
| General Category for all other Eligible Shareholders | 1 Equity Shares out of every 99 Fully paid-up Equity Shares held on the Record Date. |
| Period Ended | Total Revenue | Profit After Tax | Net Worth | Reserves and Surplus | Total Borrowing |
|---|---|---|---|---|---|
| 31-Mar-20 | 985.27 | 140.53 | 739.12 | 717.24 | 132.54 |
| 31-Mar-21 | 1069.24 | 158.4 | 811.11 | 790.49 | 101.81 |
| 31-Mar-22 | 1214.94 | 164.78 | 970.59 | 949.97 | 79.57 |
| Amount in ₹ Crore | |||||
| Month | High Price | Low Price | Average Price |
|---|---|---|---|
| Sep-2022 | 3,752.55 | 3,250.25 | 3,491.78 |
| Aug-2022 | 3,560.00 | 2,990.00 | 3,180.46 |
| Jul-2022 | 3,465.00 | 3,000.00 | 3,210.58 |
| Month | High Price | Low Price | Average Price |
|---|---|---|---|
| Sep-2022 | 3,754.85 | 3,300.00 | 3,491.83 |
| Aug-2022 | 3,569.95 | 2,980.00 | 3,179.15 |
| Jul-2022 | 3,432.75 | 2,972.35 | 3,211.51 |
The Buyback is being undertaken, inter-alia, for the following reasons:
1. The Buyback will help the Company to return surplus cash to its shareholders holding Equity Shares broadly in proportion to their shareholding, thereby, enhancing the overall return to shareholders.
2. The Buyback may help in improving the Company's return on equity, by the reduction in the equity base, thereby leading to a long-term increase in shareholders' value.
Garware Technical Fibres Ltd.
Plot No. 11, Block D-1,
MIDC, Chinchwad, Pune
411 019
Pune, Maharashtra
Lead Manager(s)
Registered Broker
The Garware Technical Fibres Buyback opens on December 5, 2022, and closes on December 16, 2022.
The Garware Technical Fibres Buyback last day to buy is not available as of now.
The Garware Technical Fibres Buyback is a Tender Offer.
Garware Technical Fibres Buyback Schedule
| Buyback Opening Date | December 5, 2022 |
| Buyback Closing Date | December 16, 2022 |
| Last Date for receipt of Tender Forms | December 16, 2022 |
| Finalisation of Buyback Acceptance | December 26, 2022 |
| Last Date for settlment of bids | December 27, 2022 |
| Last Date for Extinguishment of Shares | January 3, 2023 |
The Garware Technical Fibres Buyback is being offered at Rs ₹3750 per share.
| Category | Entitlement Ratio of Buyback |
|---|---|
| Reserved Category for Small Shareholders | 3 Equity Share out of every 41 Fully paid-up Equity Shares held on the Record Date. |
| General Category for all other Eligible Shareholders | 1 Equity Shares out of every 99 Fully paid-up Equity Shares held on the Record Date. |
The issue size of Garware Technical Fibres Buyback is 2,40,000 equity shares at ₹3750 per share aggregating up to ₹90.00 Crores.
The Buyback is being undertaken, inter-alia, for the following reasons:
1. The Buyback will help the Company to return surplus cash to its shareholders holding Equity Shares broadly in proportion to their shareholding, thereby, enhancing the overall return to shareholders.
2. The Buyback may help in improving the Company's return on equity, by the reduction in the equity base, thereby leading to a long-term increase in shareholders' value.
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 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.
