Philatex India on Tuesday announced that its Board of Directors in its meeting held today has approved the share buyback up to Rs. at 59.5 crores 140 per share. Filatex India shares were trading with a gain of 0.8% 128 apiece on the BSE in Tuesday’s opening deals.
“We would like to inform you that the Board of Directors of the Company in its meeting held today has considered and approved the proposal for buyback of its own fully paid-up equity shares. 2/- each (“Equity Share”) from the equity shareholders of the Company on proportionate basis through tender offer route as on the record date,” the company informed in an exchange filing.
Further, the Board of Directors of the Company has fixed Friday, April 8, 2022 as the record date for the purpose of determining the names of eligible and eligible shareholders/beneficiary owners to whom the offer letter will be sent and shall be included in the buyback offer of the Company. are eligible to participate.
A share buyback, also known as a share repurchase, is a corporate action to buy back its own outstanding shares from its existing shareholders, usually at a premium to the prevailing market price. It can be an alternative tax-efficient way of returning money to shareholders. Share buybacks reduce the number of shares in circulation, which can increase the share price and earnings per share (EPS).
Filatex India Limited is one of the country’s leading manufacturers of Polyester Filament Yarn. The garment maker’s stock has risen nearly 97% in the one-year period, while it is up over 31% so far in 2022 (Year-to-date or YTD).
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