Textile stock announces share buyback, fixes record date; shares jump


SP Apparels Ltd on Wednesday announced that its board has approved share buyback of 6 lakh shares at 585 apiece. The textile stock jumped over 6% to 441 apiece on the BSE in afternoon deals after the buyback announcement. The Buyback is proposed to be undertaken from the equity shareholders of the company as on the record date i.e. October 07, 2022 on a proportionate basis, through the Tender Offer route.

“We inform you that the Board of Directors of SP Apparels Limited at their meeting held today have approved the proposal to buy back up to 5,00,000 fully paid up equity shares having a face value of 10 (Rupees Ten Only) each  representing up to 2.34% of the total number of equity shares in the paid-up equity share capital of the company, at a price of 585/- per equity share (Buyback Price) payable in cash for a maximum amount not exceeding % 35,10,00,000/- (Buyback Size), representing 5.68% and 5.62% of the aggregate of the fully paid-up equity share capital and free reserves of the company,” the company announced in a regulatory filing.

SP Apparels is one of the leading manufacturers and exporter of knitted garments for infants and children in India. The stock is up about 5% in 2022 (YTD) so far.

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