Cosmo Films rose 1.11% to Rs 472.45 after the company said its board approved a proposal to buyback shares worth up to Rs 73 crore at a price not exceeding Rs 576 per share.
The buy-back price is 23.27% premium to the Friday's close of Rs 467.25 on BSE.
At the maximum buyback price and the maximum buyback size, the indicative maximum number of equity shares bought back would be 12.67 lakh equity shares, representing 6.52% of the total paid up equity capital of the company.
As of 30 September 2020, the promoters held 44.15% in the company.
The company's consolidated net profit rose 69.2% to Rs 46.99 crore on a 11% decline in net sales to Rs 481.29 crore in Q1 June 2020 over Q1 June 2019.
Cosmo Films makes speciality films for packaging, lamination, labeling and synthetic paper. The company's film offerings include BOPP (Biaxially Oriented PolyPropylene Films) and CPP (Cast Polypropylene) films.
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