Tender Offer | ₹15.00 Crores | Listed at BSE, NSE | Tue, Feb 20, 2024 - Mon, Feb 26, 2024
Orbit Exports Ltd. Buyback is a tender offer for the repurchase of up to 0.06 crore equity shares, representing 2.22% of the total paid-up equity share capital at a buyback price of ₹250 per share with a face value of ₹10 per share, aggregating to ₹15.00 crores.
The record date for determining eligible shareholders is Feb 13, 2024. Shareholders holding equity shares as on the record date are eligible to participate in the buyback.
The buyback opens on Feb 20, 2024 and closes on Feb 26, 2024, with the last date for receipt of tender forms being Feb 26, 2024.
The finalisation of buyback acceptance is expected on Mar 1, 2024, followed by settlement of bids on Mar 4, 2024.
Saffron Capital Advisors Pvt.Ltd. is the Manager to the Buyback and MUFG Intime India Pvt.Ltd. is the Registrar and Choice Equity Broking Pvt Ltd is the Registered Broker to the Buyback.
Investors are advised to refer to the Orbit Exports Ltd. Letter of Offer for detailed information, including eligibility criteria, entitlement ratio, acceptance methodology, and tax implications.
Offer Opening Date
Tue, Feb 20, 2024
Offer Closing Date
Mon, Feb 26, 2024
Buyback Price
₹250 per share
Record Date
February 13, 2024
| Category | Entitlement Ratio of Buyback | Shares Offered |
|---|---|---|
| Reserved Category for Small Shareholders | 6 Equity Shares out of every 97 Fully paid-up Equity Shares held on the Record Date. | 90,000.00 |
| General Category for all other Eligible Shareholders | 1 Equity Shares out of every 50 Fully paid-up Equity Shares held on the Record Date. | 510,000.00 |
Orbit Exports Limited's revenue increased by 52.66% and profit after tax (PAT) rose by 93.18% between the financial year ending with March 31, 2023 and March 31, 2022.
| Period Ended | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
| Assets | 287.03 | 279.09 | 226.16 |
| Revenue | 200.25 | 131.17 | 73.07 |
| Profit After Tax | 34.38 | 17.80 | 2.38 |
| Net Worth | 217.86 | 194.59 | 176.86 |
| Reserves and Surplus | 190.37 | 167.57 | 149.98 |
| Total Borrowing | 25.37 | 39.17 | 14.37 |
| Amount in ₹ Crore | |||
Founded in 1983, Orbit Exports Ltd is a company that specializes in weaving high-end jacquard and dobby fabrics for women's wear and home textiles.
The company operates across multiple verticals, including women's apparel, Christmas crafts, and home decor. Orbit Exports Ltd is a small-cap company that manufactures and exports luxury fabrics and home textiles.
The business is divided into two segments - Home Textiles and Fashion Fabrics.
Orbit has a global reach, with the company having established prolific operations in the USA, Latin America, Africa, Europe and the Far East.
| Month | High Price | Low Price | Average Price |
|---|---|---|---|
| Jan-2024 | 198.10 | 175.65 | 185.11 |
| Dec-2023 | 187.25 | 173.15 | 178.77 |
| Nov-2023 | 223.25 | 190.40 | 201.85 |
| Month | High Price | Low Price | Average Price |
|---|---|---|---|
| Jan-2024 | 198.25 | 173.35 | 184.80 |
| Dec-2023 | 186.75 | 172.20 | 179.20 |
| Nov-2023 | 224.35 | 190.95 | 201.85 |
The Buyback is being undertaken for the following objectives:
Orbit Exports Ltd.
122, MISTRY BHAVAN, 2ND FLOOR, NEAR K C COLLEGE,
DINSHAW WACHHA ROAD, CHURCHGATE,
MUMBAI – 400 020.
Mumbai, Maharashtra, 400020
Lead Manager(s)
Registered Broker
The Orbit Exports Buyback 2024 opens on February 20, 2024, and closes on February 26, 2024.
Last date to be eligible to participate in buyback is February 12, 2024.
The Orbit Exports Buyback 2024 is a Tender Offer.
Orbit Exports Buyback 2024 Schedule
| Buyback Opening Date | February 20, 2024 |
| Buyback Closing Date | February 26, 2024 |
| Last Date for receipt of Tender Forms | February 26, 2024 |
| Finalisation of Buyback Acceptance | March 1, 2024 |
| Last Date for settlment of bids | March 4, 2024 |
| Last Date for Extinguishment of Shares | March 14, 2024 |
The Orbit Exports Buyback 2024 is being offered at Rs ₹250 per share.
| Category | Entitlement Ratio of Buyback | Shares Offered |
|---|---|---|
| Reserved Category for Small Shareholders | 6 Equity Shares out of every 97 Fully paid-up Equity Shares held on the Record Date. | 90,000.00 |
| General Category for all other Eligible Shareholders | 1 Equity Shares out of every 50 Fully paid-up Equity Shares held on the Record Date. | 510,000.00 |
The issue size of Orbit Exports Buyback 2024 is 6,00,000 equity shares at ₹250 per share aggregating up to ₹15.00 Crores.
The Buyback is being undertaken for the following objectives:
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 Orbit Exports 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.
