Garware Technical Fibres Ltd. Formerly known as Garware-Wall Ropes Ltd. is one of India’s leading players in the technical textiles sector. The company is a multi-divisional, multi-geographical technical textiles company and provides world-class innovative solutions in high-performance aquaculture cage nets, fishing nets, sports nets, safety nets, agricultural nets, coated fabrics, polymer ropes, and geosynthetics.
Garware Technical Fibres Ltd. has a global presence with customers spread across 75 countries. The R&D Unit of the company is recognized by the Department of Science & Technology, of the Government of India. The company received the largest sports goods and sport nets exporter award from the Sports Goods Export Promotion Council, which is sponsored by the Ministry of Commerce, of Govt. of India. The management of the company is overseen by the Board of Directors headed by Chairman and Managing Director Mr Vayu R Garware. The day-to-day operations are managed by a team of experienced professionals having techno-commercial expertise with a vast industrial and marketing experience.
Need An Assistance:
Garware Technical Fibres Buyback Detail:
| Issue open | [.] |
| Issue close | [.] |
| Ex-Date | 3rd November 2022 |
| Record Date | 4th November 2022 |
| Security Name | Garware Technical Fibres Limited |
| Issue Type | Tender Offer |
| Issue Size (Shares) | 0.02 Crores |
| Issue Size (Amount) | ₹90.00 Crores |
| Buyback Price | ₹3750 per share |
| Face Value | ₹10 per share |
| Listing At | BSE, NSE |
Garware Technical Fibres Limited Financial Information:
| Particulars | FY-22 (in cr.) | FY-21 (in cr.) | YoY |
| Revenue from operations | 1189.39 | 1034.57 | 15.0% |
| Other Income | 25.54 | 34.67 | -26.3% |
| Cost of goods sold | 349.46 | 296.08 | 18.0% |
| Employee expense | 149.82 | 152.73 | -1.9% |
| Other expense | 467.21 | 381.37 | 22.5% |
| EBITDA | 248.44 | 239.06 | 3.9% |
| EBITDA margin% | 20.89% | 23.11% | -9.6% |
| Depreciation | 21.46 | 20.64 | 4.0% |
| Interest | 10.57 | 10.32 | 2.4% |
| PBT | 216.41 | 208.10 | 4.0% |
| Total tax | 51.63 | 49.67 | 3.9% |
| PAT | 164.78 | 158.43 | 4.0% |
| PAT margin% | 13.56% | 14.82% | -35.25% |
| Dep./revenue% | 1.77% | 1.93% | -8.5% |
| Int./revenue% | 0.87% | 0.97% | -9.9% |
Necessity of the Issue:
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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.
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The Buyback may help in improving the Company’s return on equity, by a reduction in the equity base, thereby leading to a long-term increase in shareholders’ value.
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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
Maximum number of equity shares that the company proposes to buyback:
The Company proposes to buyback up to 2,40,000 (Two Lakhs Forty Thousand Only) Equity Shares (representing 1.16% of the total number of Equity Shares in the existing total paid-up equity capital of the Company as on the date of the Board Meeting and as of March 31, 2022)
Garware Technical Fibres Limited’s shareholding pattern:
| Category of Shareholder | Pre-Buyback | |
| Number of equity shares | % to the existing equity share capital | |
| Promoters & Promoter Group along with persons acting in concert, (collectively “the Promoters”) | 1,08,48,730 | 52.62% |
| Foreign Investors (including Non-Resident Indians FIIs and Foreign Mutual Funds) | 19,90,063 | 9.65% |
| Financial Institutions I Banks & Mutual Funds promoted by Banks I Institutions | 13,68,718 | 6.64% |
| Others (Public, Public Bodies Corporate etc.) | 64,10,658 | 31.09% |
| Total | 2,06,18,169 | 100.00% |
Registrar to the buyback:
LINK INTIME INDIA PRIVATE LIMITED
C-101, 1st Floor, 247 Park, Lal Bahadur Shastri Marg
Vikhroli (West) Mumbai
Maharashtra, India 400 083
Tel No.: +91 810 811 4949; Fax No.: +91 22 4918 6195
Contact Person: Mr Sumeet Deshpande
Email: gtfl.buyback2022@linkintime.co.in; Website: www.linkintime.co.in
Investor Grievance E-mail: gtfl.buyback2022@linkintime.co.in;
SEBI Registration No.: INR000004058
Validity Period: Permanent
CIN: U67190MH1999PTC118368