Founded in 1976, Garware Technical Fibres (GTF) is a technical textiles company that manufactures ropes, tarpaulins, and nets.The company is known for its innovative solutions for aquaculture cage nets, fishing nets, sports nets, safety nets, agricultural nets, coated fabrics, synthetic ropes, and geosynthetics.
GTF’s products are used in fisheries, aquaculture, shipping, sports, agriculture, coated fabrics, and geo-synthetics segments. The company’s IR Nylon rope is designed to provide elasticity and shock absorption, making it suitable for applications where durability is essential.
The company has six offices abroad and has a presence in 75 countries. The company has 27 patents granted under its name.
The company has received certification of ISO 9001: 2015 and ISO 14001-2015 from BVC, UK.
Garware Technical Fibres Buyback 2024 Detail
| Issue Period | April 1, 2024 – April 5, 2024 |
| Security Name | Garware Technical Fibres Limited |
| Issue Type | Tender Offer |
| Issue Size (Shares) | 525,000 |
| Issue Size (Amount) | ₹199.50 Crores |
| Buyback Price | ₹3800 per share |
| Face Value | ₹10 per share |
| Listing At | BSE, NSE |
Garware Technical Fibres Buyback 2024 Issue Timetable
| Last Date to buy shares | March 22, 2024 |
| Record Date | March 26, 2024 |
| Offer Opens On | April 1, 2024 |
| Last Date for receipt of Tender Forms | April 5, 2024 |
| Offer Closes On * | April 5, 2024 |
| Finalisation of Buyback Acceptance | April 12, 2024 |
| Last Date for settlment of bids | April 15, 2024 |
| Last Date for Extinguishment of Shares | April 25, 2024 |
* Last Date to Tender shares on Zerodha : April 4, 2024
Buyback Ratio
| Category | Entitlement Ratio of Buyback | Shares Offered |
|---|---|---|
| Reserved Category for Small Shareholders | 2 Equity Shares out of every 13 Fully paid-up Equity Shares held on the Record Date. | 78,750.00 |
| General Category for all other Eligible Shareholders | 2 Equity Shares out of every 89 Fully paid-up Equity Shares held on the Record Date. | 446,250.00 |
Garware Technical Fibres Limited Financial Information (Restated Consolidated)
Garware Technical Fibres Limited’s revenue increased by 9.75% and profit after tax (PAT) rose by 4.5% between the financial year ending with March 31, 2023 and March 31, 2022.
| Period Ended | 30 Sep 2023 | 31 Mar 2023 | 31 Mar 2022 | 31 Mar 2021 |
| Assets | 1,493.17 | 1,415.08 | 1,318.88 | |
| Revenue | 673.40 | 1,333.45 | 1,214.94 | 1,069.24 |
| Profit After Tax | 95.44 | 172.20 | 164.78 | 158.40 |
| Reserves and Surplus | 1,003.36 | 970.49 | 814.92 | |
| Amount in ₹ Crore | ||||
Stock price at BSE (in preceding 3 months)
| Month | High Price | Low Price | Average Price |
|---|---|---|---|
| Dec-2023 | 3,478.95 | 3,219.65 | 3,352.05 |
| Nov-2023 | 3,429.15 | 3,100.00 | 3,200.69 |
| Oct-2023 | 3,285.00 | 3,028.70 | 3,158.03 |
Stock price at NSE (in preceding 3 months)
| Month | High Price | Low Price | Average Price |
|---|---|---|---|
| Dec-2023 | 3,463.85 | 3,227.00 | 3,353.59 |
| Nov-2023 | 3,423.00 | 3,078.40 | 3,202.36 |
| Oct-2023 | 3,289.00 | 3,026.55 | 3,157.98 |
Necessity of the Issue
Buyback is being undertaken, inter-alia, for the following reasons:
- The Buyback will help the Company to return surplus cash to its shareholders holding Equity Shares broadly in proportion to their shareholding, thereby, enhancing the overall return to shareholders;
- The Buyback, which is being implemented through the tender offer route as prescribed under the SEBI Buyback Regulations, would involve the allocation of the number of Equity Shares as per their entitlement or 15% of the number of Equity Shares to be bought back whichever is higher, reserved for the small shareholders. The Company believes that this reservation for small shareholders would benefit a large number of public shareholders, who would be classified as “small shareholders” as per Regulation 2(i)(n) of the SEBI Buyback Regulations;
- The Buyback may help in improving its earnings per share and return on equity, by reduction in the equity base, thereby leading to a long-term increase in shareholders’ value; and
- The Buyback gives an option to the shareholders holding Equity Shares of the Company, who can choose to participate and get cash in lieu of Equity Shares to be accepted under the Buyback offer or they may choose not to participate and enjoy a resultant increase in their percentage shareholding, post the Buyback offer, without additional investment.
Company Contact Information
Garware Technical Fibres Limited
Plot No. 11, Block D-L
M.I.D.C.,Chinchwad,
Pune-411 019,
Phone: +91 20 2799 0000
Email: pune_admin@garwarefibres.com
Website: https://www.garwarefibres.com/