Financial Daily from THE HINDU group of publications
Friday, Aug 09, 2002

Port Info

Group Sites

Corporate - Buyback

SRF Polymers board okays buyback plan

K.R. Srivats


THE board of directors of the Rs 130-crore SRF Polymers Ltd has approved a proposal for the buyback of up to 25 per cent of the fully paid-up equity capital of the company.

A company official said that the proposed buyback, which would be made through the open market route, could absorb a maximum amount of Rs 3.38 crore for the company. The board has approved the buyback of shares at a price not exceeding Rs 21 per share, the official said.

The paid-up equity capital of SRF Polymers stood at Rs 6.45 crore as on June 30. While the promoters' holding in the company stood at 26.14 per cent as on June 30, mutual funds and UTI have a stake of 13.45 per cent (UTI has a stake of 12.56 per cent).

Financial institutions and insurance companies (IDBI, LIC, ICICI, IFCI) held a combined stake of 17.47 per cent in the company as on June 30.

The level of public holding in the company stood at 26.89 per cent as on the same date.

SRF Polymers had been created through the de-merger of three businesses of engineering plastics, fishnet twine and polyester films from SRF Ltd with effect from January 1, 2001.

The reconstruction scheme became effective from March 18, 2002, being the date on which certified copies of order of high courts of Delhi and Chennai were filed with the Registrar of Companies, company officials said.

For the quarter ended June 30, 2002, SRF Polymers has reported a net profit of Rs 0.80 crore on net sales of Rs 31.28 crore.

The company had recorded a net profit of Rs 1.14 crore on net sales of Rs 30.43 crore for the quarter ended June 30,2001.

A net profit of Rs 3.24 crore was recorded on net sales of Rs 128.57 crore for the year ended March 31,2002.

Send this article to Friends by E-Mail

Stories in this Section
HPCL to spend Rs 3,000 cr on refinery upgradation

Suspended diabetes drug trials: What's in store?
Roots Ind lining up slew of launches for auto sector
TNPL move to use captive plantation of eucalyptus
First Med's nephrology unit in Chennai
SRF Polymers board okays buyback plan
Digital GlobalSoft ESOPs
Wipro stock options for employees
Pollution clearance is Chemplast's last hurdle
Promotion of SEZs, industrial parks — Srei Capital in pact with Singapore consultant
XPS Cargo signs pact with Chinese firm
Trayons revival remains uncertain
L&T order backlog at Rs 11,878 cr
Indigo is Tata Engg's brand for sedan slot — New car to be `competitively priced'
Tally plans to go multilingual
Tinplate mulls 40% hike in capacity
Goldiam Intl posts Rs 3.69-cr profit
Twists & turns in search for new SAIL chief
CEO salaries outstrip growth of profits

The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | Home |

Copyright 2002, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line