Rishiroop Limited announces an Equity Buyback for 640,000 shares, representing 6.6% for INR 80 million.
August 27, 2021 at 03:56 am
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Rishiroop Limited (BSE:526492) announces a share repurchase program. Under the program, the company will repurchase up to 640,000 shares, representing 6.6% of its issued share capital for INR 80 million. The shares will be repurchased at a price of INR 125 per share. The purpose of the program is to return surplus cash to its shareholders, to improve return on equity and to give an option to its shareholders, either to sell their equity shares and receive cash or not to sell their equity shares and get a resultant increase in their percentage shareholding, post the buyback program, without additional investment. The repurchases will be made out of the company's free reserves, cash and cash equivalents or accumulated internal accruals and/or such other sources as may be permitted by law. The company has fixed September 9, 2021, as record date. The program is valid till October 20, 2021. As of August 20, 2021, the company had 9,701,288 shares in issue.
Rishiroop Limited is an India-based company, which is engaged in manufacturing of polyvinyl chloride-acrylonitrile butadiene rubber (PVC-NBR) blends and trading of polymers. The Company manufactures both chlorinated rubber (sold under its brand name Chlorub) and NBR-PVC polymer blends (sold under its brands Vinoprene and Vinoplast) in India. It is engaged in single segment, which is Polymers & Compound. Its products include poly-butadiene rubber, polychloroprene rubber, styrene butadiene rubber (emulsion/solution), thermoplastic polyolefins, carbon blacks, functional fillers, homogenizing agents, styrenated phenol, naphthenic oils, polymeric plasticizers, thermoplastic vulcanizates and acrylonitrile butadiene co-polymer (NBR) latex. The Company caters to the construction, household/industrial cleaning, inks, leather auxiliaries, mining, oil and gas, paper, personal care, pharmaceuticals, plastics, polyurethanes and textiles industries. Its products are exported across the world.