Polyplex Corporation Buyback Review, Offer Details, Price, Dates, Size & more
Last Updated Date: Nov 17, 2022In this article, they will discuss about Polyplex Corporation Limited Buyback offer, buyback price, buyback size, Polyplex Corporation Buyback record date, company financial, buyback necessity and its impact on company.
To track the real time price of this Buyback, Click on this link – Polyplex Corporation Share Price
Polyplex Corporation Limited Buyback Details
| Buyback Type | Open Market |
| Opening Date | April 16, 2020 |
| Closing Date | October 15, 2020 |
| Buyback Offer Amount | Rs.5,481.50 Lakhs |
| Buyback No. of Shares | 5,77,000 |
| Face Value | Rs.10 |
| Date of Buyback Approval | April 9, 2020 |
| Date of Public Announcement | April 11, 2020. |
| Buy Back Price | Rs.475 |
| Buy Back Premium | 49.04% |
| Date of Board Meeting | April 9, 2020 |
Polyplex Corporation Buyback Opening and Closing Date
The starting and closing date of this buyback is from April 16, 2020 to October 15, 2020.
Polyplex Corporation Buyback Cash Offer
Cash Offer to Buy-back up to 5,77,000 fully paid-up equity shares of the Company of face value of Rs.10 each, being 9.9924% and 2.3949% of the total paid-up share capital and free reserves of the Company.
Polyplex Corporation Buyback Record Date
The decided record date is [●].
Polyplex Corporation Buyback Price
At a price of Rs.475 per Equity Share.
Polyplex Corporation Buyback Size
At a buyback price of Rs.475 payable in cash for an aggregate maximum amount of Rs.5,481.50 Lakhs.
Polyplex Corporation Limited Buyback Acceptance Query
You can check for Buyback Acceptance query here. Just click on the given link and it will redirect you to buyback acceptance query page.
Polyplex Corporation Limited Buyback Acceptance Ratio
Find profit & profit percentage based on various acceptance rate, The profit is calculated based on 1000 shares.
| Acceptance Ratio | Total Shares Accepted | Buyback Price | Buyback Amount | Profit | Profit% |
| 20% | 200 | 475 | 95000 | 16000 | 4.05% |
| 40% | 400 | 475 | 190000 | 32000 | 8.10% |
| 60% | 600 | 475 | 285000 | 48000 | 12.15% |
| 80% | 800 | 475 | 380000 | 64000 | 16.20% |
| 100% | 1000 | 475 | 475000 | 80000 | 20.25% |
Profit is calculated from March 16, 2020 share price i.e. Rs.395.00 per share of Polyplex Corporation Limited.
According to the above table, if a shareowner applies for 1000 shares of Polyplex Corporation limited & gets 20% acceptance from the company and the owner with 1000 shares will sell 200 shares @ Rs.475 per share & receive Rs.16000 as profit amount & 4.05% profit percentage on selling these 200 shares back to the company.
Similarly, if the owner gets 60% acceptance of share from the company, the owner will sell 600 shares @ Rs.475 & receive a profit of Rs.48000 @ 12.15% profit percentage.
Polyplex Corporation Limited Buyback Overview
Polyplex Corporation Limited was incorporated on October 18, 1984. The company CIN is L25209UR1984PLC011596. Polyplex Corporation Limited is one of the leading global plastic film producers.
The Company is engaged in the core business of manufacturing Biaxially Oriented Polyester (BOPET) Film for flexible packaging, electrical and other industrial applications products. Their BOPET film capabilities include both thin and thick PET film in a wide range of thickness and surface properties covering a spectrum of applications.
Their diversified global business portfolio includes BOPET, BOPP, Blown PP/PE and CPP films produced in plants in India, Thailand, Turkey, USA and Indonesia. Integrated downstream capabilities of Metallizing, Holography, Silicone Coating, Offline Chemical Coating, Extrusion Coating and Transfer Metallized Paper deliver further value-added/speciality products. The Equity Shares of Company are presently listed on BSE and NSE.
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Company Finances – Polyplex Corporation Limited
The brief audited consolidated financial information of the Company for the last three financial years and limited review financial information for the 6 months ended December 31, 2019 are provided below:
[In Rs. Lakhs]
| Particulars | For the period ended Dec 2019 (Unaudited) | 12 Months period ended March 31 (Audited) |
||
| 2019 | 2018 | 2017 | ||
| Total Income | 340060 | 473343 | 361651 | 332177 |
| Total Expenses (excluding Interest, depreciation) | 266362 | 383852 | 307817 | 275828 |
| Finance Cost | 1331 | 2908 | 3943 | 4702 |
| Depreciation and Amortization | 17044 | 20910 | 18501 | 19663 |
| Profit before tax | 55323 | 65673 | 31390 | 37612 |
| Provision for tax (including Deferred Tax) |
8088 | 7307 | 2978 | 1473 |
| Profit /(Loss) after tax | 47235 | 58366 | 28412 | 36139 |
| Equity Share Capital | 3256.32 | 3256.32 | *3256.32 | 3256.32 |
| Reserves | NA | 225628.87 | 207523.39 | 194179.14 |
| Networth | NA | 229161.73 | 210551.73 | 197485.04 |
| Total Debt | NA | 78573.62 | 86234.38 | 81011.50 |
Polyplex Corporation Limited Buyback Dates
| Date of Board Meeting approving the Buyback | April 9, 2020 |
| Date of publication of Public Announcement for Buyback | April 13, 2020 |
| Record Date for determining the Buyback Entitlement and the names of Eligible Shareholders | [●] |
| Buyback Opening date | April 16, 2020 |
| Buyback Closing date | October 15, 2020 |
| Last Date of verification of Tender Forms by the Registrar | [●] |
| Last date of intimation regarding acceptance / non-acceptance of Tendered Equity Shares to the BSE Limited by the Registrar | [●] |
| *Last date of Settlement of Bids on the BSE Limited | [●] |
| Last date of return of unaccepted Equity Shares by BSE Limited | [●] |
| *Last date of Extinguishment of Equity Shares | [●] |
Details of Public Announcement
This public announcement (the “Public Announcement”) is made in relation to the buy-back of equity shares (as defined below) by Polyplex Corporation Limited (the “Company”) from BSE Limited (“BSE”) and the National Stock Exchange of India Limited (“NSE”) (together, the “Stock Exchanges”), pursuant to the provisions of Regulation 16(iv) (a) read with Regulation 16(iv)(b) of the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018, as amended (the “SEBI Buy-Back Regulations”), and contains the disclosures as
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Necessity of Polyplex Corporation Limited Buyback
The Company’s management strives to increase the Equity Shareholders’ value and the Buyback would result in the following benefits, amongst other things:
(a) optimize returns to shareholders;
(b) enhance overall shareholders value; and
(c) optimize the capital structure. The Company will implement the Buyback out of its Free Reserves through utilization of cash, sale of liquid investments held and internal accruals of the Company.
Impact of Polyplex Corporation Limited Buyback on the Company
The Buy-back is not likely to cause any material impact on the earnings of the Company, except a reduction in the investment income, which the Company could have otherwise earned on the amount distributed towards the Buy-back.
The Buy-back of Equity Shares will result in a reduction in share capital and consequently, is expected to be EPS accretive. Company believes that the Buy-back will contribute to the overall enhancement of shareholders’ value going forward.
Salient financial parameters consequent to the Buyback based on the latest audited financial statement of the Company for the half year ended March 31, 2019 are as under:
| Parameters (based on audited standalone financial statements for year ended March 31, 2019) | Pre Buy-back | Post Buy-back (Assuming Full Acceptance) |
| Net worth (Rs in Lakhs) | ||
| Return on Net worth (%) | ||
| Earnings Per Share Basic (Rs) | ||
| Earnings Per Share Diluted (Rs) | ||
| Book Value per Share (Rs) | ||
| Total Debt / Equity Ratio |
Basis of Calculating Polyplex Corporation Buyback Price
The Equity Shares of the Company are proposed to be bought back at the Buyback Price, i.e., Rs.475/- (Rupees Four Hundred and Seventy Five only)per Equity Share.
The Maximum Buy-back Price is at a premium of 49.04% and 49.11% over the closing prices on BSE Limited (“BSE”) (i.e. Rs.318.70 (Rupees Three Hundred Eighteen and paisa Seventy only) and the National Stock Exchange of India Limited (“NSE”) (i.e. Rs.318.55 (Rupees Three Hundred and Eighteen and paisa Fifty Five only), respectively, on April 3, 2020 which is one trading day prior to the date on which the notice of the Board Meeting to consider the Buy-back proposal was intimated to the BSE and the NSE.
Maximum Buy-back Price is at a premium of 42.90% and 42.99%, compared to the average of the weekly high and low of the closing prices of the Equity Shares of the Company on the Stock Exchanges during the 2 (two) weeks preceding the date of the Board Meeting on BSE and NSE respectively.
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Source of Funds for the Buyback
The Company proposes to implement the Buy-back out of its free reserves. The amount required by the Company for the Buy-back (including the cost of financing the Buy-back and the Transaction Costs) will be through utilization of cash, sale of liquid investments held and internal accruals of the Company.
It is proposed to Buy-back up to 9.9924% and 2.3949% of the paid-up share capital and free reserves based on the audited financial statements of the Company as at March 31, 2019 on standalone and consolidated basis respectively, from the open market through the Stock Exchanges.
Polyplex Corporation Limited – Manager to the Buyback
| AXIS CAPITAL LIMITED
1st Floor, Axis House, C-2 Wadia International Centre, P. B. Marg, Worli |
Polyplex Corporation Limited – Registrar to the Buyback
|
KFin Technologies Private Limited
(Formerly known as “Karvy Fintech Private Limited”) Selenium Tower- B, Plot No 31 & 32 Gachibowli, Financial District Nanakramguda, Serilingampally, Hyderabad, Telangana – 500032 Tel: 91 40 6716 2222 Fax: 91 40 343 1551 Contact person: Mr. M Murali Krishna Email: einward.ris@kfintech.com Website: www.kfintech.com SEBI Registration Number: INR000000221 Corporate Identity Number: U72400TG2017PTC117649 |
Polyplex Corporation Limited Contact Details
| Company Contact Details |
| Polyplex Corporation Limited Corporate Identification Number (CIN): L25209UR1984PLC011596 Registered Office: Lohia Head Office, Distt. Udham Singh Nagar, Uttarakhand, Khatima-262308 Corporate Office: B-37, Sector – 1, Noida – 201 301, Gautam Budh Nagar, Uttar Pradesh, India Telephone: +91.120.2443716-19 Fax: +91.120.2443723 & 24 Website: www.polyplex.com • Email: akgurnani@polyplex.com Company Secretary and Compliance Officer: Mr. Ashok Kumar Gurnani |
Polyplex Corporation Limited Buyback News
News 1 – Buyback PDF / Draft Letter of Offer [Download]
News 2 – Polyplex Corporation Ltd – Public Announcement
FAQs of Polyplex Corporation Buyback
What is the Polyplex Corporation Buyback Period?
Polyplex Corporation Buyback Period is briefly the time interval starting from the date of declaration of results of the postal ballot through remote e-voting i.e. April 16, 2020. The period basically ends on the date of payment of consideration to Eligible Shareholders who participated in the Buyback, i.e. October 15, 2020.
What type of buyback is Polyplex Corporation Buyback?
This company has chosen the route of Open Market to repurchase the shares from the eligible shareholders. Tender offer route is one of the Two Routes generally chosen by the companies, i.e. Open Market Through Stock Exchanges.
What is the Polyplex Corporation Buyback Offer?
Polyplex Corporation Buyback Offer refers to the number of shares the company plans to buy back from the eligible shareholders. Herein, the company proposes to buyback 5,77,000 Fully paid up Equity shares, adhering to the buyback price.
When Polyplex Corporation Buyback offer will start?
As per the released schedule, the Polyplex Corporation Buyback offer will start on April 16, 2020. This is the opening date from when the Buyback will open for all shareholders. You will find the updated records of Polyplex Corporation Buyback at all times, we ensure you have access to the right data.
When is the closing date of Polyplex Corporation Buyback?
For ease in access to the dates and related aspects, we have segregated the closing date of Polyplex Corporation Buyback. The buyback would close on October 15, 2020. The closing date is the last day for which the Buyback shall be open for the shareholders.
What is the offer price for Polyplex Corporation Buyback?
The amount at which the shares are taken back by the company is referred to as Polyplex Corporation Buyback offer price. Herein, each and every fully Paid-up equity share is priced at Rs.475, the price paid to each eligible shareholder.
What is the record date for Polyplex Corporation Buyback offer?
Record date of Polyplex Corporation Buyback is NA. Record date is generally the day when eligible shareholders are declared. Furthermore, complying with Buyback regulations, letter of offer and Tender form is sent to the eligible shareholders.
What is the issue size of Polyplex Corporation Buyback?
Polyplex Corporation Buyback Size is Rs.5,481.50 Lakhs and is the total worth of Equity Shares the company plans on taking back. This amount is obtained from the total number of equity shares, multiplied by the Buyback price.
What is the necessity for Polyplex Corporation Buyback?
Objective of the Polyplex Corporation Buyback is to enhance the total return made by equity shareholders. Herein, the excess funds are given to the equity shareholders, which are over and above its ordinary capital requirements and in excess of any current investment plans. Through buyback, the company will distribute the surplus cash to shareholders as per their holding proportion.
Who is the Registrar to Polyplex Corporation Buyback offer?
The designated registrar of Polyplex Corporation Buyback is KFin Technologies Private Limited. You can find all the details related to the registrar in this report and contact them if you have any queries. You can check the details of the registrar, contact person, email address and more.
Who is the Manager to the Polyplex Corporation Buyback offer?
Manager to the Polyplex Corporation Buyback is AXIS CAPITAL LIMITED. Manager basically ensures that the company following up buyback strictly adheres to and in conformity with the provisions of the Companies Act and Buyback Regulations.
How to check Polyplex Corporation buyback acceptance ratio?
Acceptance ratio is basically the proportion of shares the company accepts, to the final number of shares tendered. It refers to how much the company would buyback and how profitable it would be for you. You can also check how much profit (%) you will earn. Click on the link and check on the website page.
Where to find Polyplex Corporation Buyback Dates / Events?
You can check the table for the list of events, as designed for the buyback. This article is your one and final destination to check all the Polyplex Corporation Buyback information. You will encounter a section exclusively set to record the dates, in this article, referred to as Polyplex Corporation Buyback Dates.
What can be the Impact of Polyplex Corporation Buyback on the Company?
The Buyback will not in any manner impair the ability of the Company to pursue growth opportunities or meet its cash requirements for business operations. The Buyback is expected to contribute to the overall enhancement of shareholder value and result in an increase in the return on equity of the Company. This Buyback is being undertaken, inter alia, for helping the Company to return surplus cash to the Eligible Shareholders broadly in proportion to their shareholding.
Where to find complete details on Polyplex Corporation Buyback?
As mentioned already, this page would give you every single detail about this buyback. Also, you find the link to download the Draft / Letter of Offer. Each and every section is vividly and carefully placed, giving you insights into all major as well as minor aspects of the ratio. The article is also inclusive of all the links.
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