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Garware Technical jumps after board OKs Rs 73 crore buyback

Capital Market 

Garware Technical Fibres spurted 7.11% to Rs 2293.80 after the company said that its board approved the proposal to buyback upto 3.17 lakh shares at Rs 2300 each.

The board of Garware Technical Fibres on Friday (27 November 2020) approved a proposal to buyback upto 3,17,391 shares (1.52% of the total number of fully paid-up equity shares as on 27 November 2020) at a price of Rs 2300 per share, aggregating upto Rs 72.99 crore.

The company has fixed 11 December 2020 as the record date for the purpose of buyback.

As on 20 November 2020, the promoter and promoter Group held 53.02% stake in the company. The board of directors also noted the intention of certain promoters and members of the promoter group of the company of participating in the proposed buyback.

Garware Technical Fibres is a technical textiles company. The firm provides solutions in aquaculture cage nets, fishing nets, sports nets, safety nets, agricultural nets, coated fabrics, polymer ropes and geosynthetics.

The company's consolidated net profit fell 4.1% to Rs 44.35 crore on a 15.5% jump in net sales to Rs 268.33 crore in Q2 September 2020 over Q2 September 2019.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, November 27 2020. 15:29 IST