JBF Industries’ board of directors at its meeting held on August 21, 2013, has approved buy-back of equity shares of Rs 10 each of the Company from the existing equity shareholders of the Company other than promoters and the persons who are in control of the Company at price not exceeding Rs. 105 per equity share. The maximum buy-back size shall not exceed the aggregate amount of Rs. 73.50 crore that is within 10% of the total paid-up equity share capital and free reserves of the Company as on March 31, 2013.
The buy-back will be through the methodology of ‘Open Market Purchases through Stock Exchanges’ prescribed under SEBI (Buy Back of Securities) Regulations, 1998.
JBF Industries is engaged in the manufacturing of polyester chips, partially oriented yarn and polyester processed yarn/specialty yarn at its plants at Silvasa in the Union Territory of Dadra and Nagar Haveli and at Valsad (Gujarat). The company is one of the leading names in Polyester business in India.