Apar Industries Limited announces an Equity Buyback for 450,000 shares, representing 1.17% for INR 297 million.
January 06, 2017 at 04:09 am
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Apar Industries Limited (BSE:532259) announces a share repurchase program. Under the program, the company will repurchase up to 450,000 shares, representing 1.17% of its outstanding shares. The company will repurchase the shares at a price of INR 660 per share, for a total consideration of INR 297 million. The repurchases will be made through a a tender offer. The funds for the buyback will be sourced from current balances of cash and cash equivalents and / or internal accruals of the company. The Board of Directors of the company has determined the record date to be January 20, 2017. The Buyback Offer is subject to approval, if any required, under the provisions of the Companies Act, 2013, FEMA, the Buyback Regulations and/or such other applicable rules and regulations in force for the time being. The purpose of the program is to improve earnings per share and return on equity thereby leading to long term increase in shareholders’ value. The program will expire on March 1, 2017.
Apar Industries Limited (Apar) an India-based manufacturer and supplier of conductors, a variety of cables, specialty oils, polymers, and lubricants. The Companyâs segments include Conductor; Transformer & Specialties Oils; Power/Telecom Cables, and others. It provides diverse fields of electrical and metallurgical engineering offering value-added products and services in Power Transmission Conductors, Petroleum Specialty Oils, Power & Telecom Cables, and House wires. The Company's specialty oil business has a range of products, which falls under approximately four categories, such as transformer oils, white oils (liquid paraffins), petroleum jelly, and process oils. It also provides CTC/PICC conductors, railway overhead conductors, T&D overhead conductors, optical ground wires, aluminum and alloy rods, specialty wires, and turnkey solutions. The Company has manufacturing plants in the state of Maharashtra, Gujarat, Orissa, and the Union Territory of Dadra & Nagar Haveli.