AksharChem Limited announces an Equity Buyback for 169,491 shares, representing 2.07% for INR 100 million.
October 29, 2021 at 06:32 am
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AksharChem (India) Limited (BSE:524598) announces a share repurchase program. Under the program, the company will repurchase up to 169,491 shares, representing 2.07% of its issued share capital for a total purchase price of INR 100 million. The shares will be repurchased at a price of INR 590 per share. The program is being undertaken by the company to enhance shareholders' value and improve financial ratio. The program will help the company to distribute surplus funds to its shareholders holding equity shares broadly in proportion to their shareholding, thereby, enhancing the overall return to the shareholders and it also gives gives an option to the eligible shareholders to either choose to participate in the buyback and receive cash in lieu of their equity shares which are accepted under the buyback or choose not to participate in the buyback and get a resultant increase in their percentage shareholding in the company post buyback, without additional Investment. The program will be funded from the company's balances in free reserves, current surplus and/or cash and cash equivalents and/or internal accruals and/or liquid resources and/or such other permissible sources of funds. The company has fixed November 12, 2021, as the record date for the program. The program will close on December 21, 2021. As of October 22, 2021, the company had 8,202,590 shares in issue.
AksharChem (India) Limited is an India-based company, which is engaged in the business of manufacturing and export of dyes, pigments and precipitated silica. The Company specializes in manufacturing vinyl sulphone, H Acid and copper phthalocyanine (CPC) Green. The Companyâs products include dye intermediates, which includes H Acid, Vinyl Sulphone (Acetanilide Base), Ortho Anicidine Vinyl Sulphone (OAVS), and Sulpho Para Vinyl Sulphone (Sulpho VS); dyes, which includes Reactive Blue 21 and Reactive Black 5; pigment, which includes Pigment Green 7 and Violet 23, and precipitated silica. The Companyâs applications include textiles, paints, plastics, and Inks. The Companyâs total manufacturing capacity is approximately 11,400 metric tons per annum (MTPA). The Companyâs products are sold in India and exported across various countries, which includes Europe, Far East, Southeast Asia, China, and United States of America. The Company's plant is located at Mehsana, Gujarat.
AKSHARCHEM (INDIA) LIMITED 
