Garware Wall Ropes gets nod to buy-back 4.13% equity stake from shareholders

Garware Wall Ropes has received an approval for Buy-Back of company’s fully paid up equity shares of face value Rs 10 each from the shareholders of the company from open market through stock exchanges in accordance with the Companies Act and the SEBI (Buy-Back of Securities) Regulations, 1998 at a price not exceeding Rs 65 per share payable in cash for an aggregate amount not exceeding Rs 11 crore.

The board of director at its meeting held on September 24, 2013 has approved for the same. Besides, the offer size represents 4.13% of the aggregate of the company’s paid up equity capital and free reserves as at March 31, 2013.