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The board of Garware Technical Fibres on Friday approved a proposal for buyback of up to 3.17 lakh shares from all shareholders, including promoters and members of the promoter group, at ₹2,300 a share for an aggregate amount of about ₹73 crore. The buyback will be through the tender offer route, on a proportionate basis.
The company has fixed December 11 as the record date.
The board also noted the intention of certain promoters and members of the promoter group of the company of participating in the proposed buyback. Shares of Garware Technical Fibres closed 4.39 per cent higher at ₹2,235.50 on the BSE.
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