Archidply Industries Limited announces an Equity Buyback for 2,200,000 shares, for INR 81.4 million.
January 06, 2021 at 04:45 am EST
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Archidply Industries Limited (BSE:532994) announces a share repurchase program. Under the program, the company will repurchase up to 2,200,000 shares, representing 9.97% of its issued share capital, for total worth of INR 81.4 million. The shares will be repurchased at a price of INR 37 per share. The shares repurchased will be funded from internally generated cash, current surplus and/or cash balances of the company and other sources as may be permitted by law. The purpose of the program is to distribute surplus cash to its shareholders, achieve optimal capital structure and improve financial ratios like earnings per share and return on equity by reducing the equity base of the company. The company has fixed January 19, 2021, as the record date for the offer. The plan will be valid till February 24, 2021. As of December 25, 2020, the company had 22,065,000 shares are issued and outstanding.
Archidply Industries Limited is an India-based interior designing company. The Company is engaged in the business of manufacturing two product segments: Wood Based Products and Paper Based Products. Wood Based Products include plywood, block board and flush doors. Paper Based Products include laminate sheets (HPL). The Company also includes products such as, plywood, doors, densified, laminates, clads, compacts, industrial laminate, extreme density high moisture resistance (EDHMR), WPC, medium-density fiberboard (MDF). The Company produces entire range of high-pressure laminates under the brands of Archidlam/ Monarchlam/ Archidstar. It also manufactures industrial laminates, compact laminates, exterior grade laminates. Its densified film face plywood is used in bridges, beams, flyovers, roofing, tunnels, barracks, offices commercial, railway coaches. The Company has approximately 20 sales offices, over 2000 retailers, and approximately seven warehouses.