Supreme Petrochem board OKs buyback

Supreme Petrochem said its board approved buyback of upto 41 lakh shares at a price not exceeding Rs 185 per share.

The company announced that its board on 12 March 2020 approved buyback of the company's fully paid-up equity shares for an amount not exceeding Rs 62.67 crore. The company will buyback a maximum of 41 lakh equity shares at a price not exceeding Rs 185.

The maximum buyback size represents 9.998% of the aggregate of the total paid-up equity capital and free reserves of the company based on the audited financial statements of the firm for last financial year ended on 31 March 2019. The dates of the buyback offer will be mentioned in the public announcement, the company's statement added.

Supreme Petrochem was down 2.76% to Rs 137.20. The stock traded in the range of Rs 113.10 to Rs 164 so far. The stock hit 52-week low at Rs 113.10 during intraday trade.

On a standalone basis, Supreme Petrochem reported a net profit of Rs 2.07 crore in Q3 December 2019 as compared to a net loss of Rs 17.57 crore in Q3 December 2018. Net sales slipped 19.3% to Rs 619.08 crore in Q3 December 2019 over Q3 December 2018.

Supreme Petrochem's primary business segment is styrenics. It is engaged in the manufacture of polystyrene (PS), expandable polystyrene (EPS), specialty polymers and compounds (SPC), and extruded polystyrene (XPS) foam boards.

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