Akshar Spintex Limited Buyback 2023
i) The Company is engaged in manufacturing of cotton yarn. The manufactured 100% cotton yarn which include combed, semi-combed and carded yarn. The Company has installed capacity of 24,480 spindle. The company is is equipped with modern spinning technology and processing technique for quality yarn.
(ii) Gujarat based Akshar Spintex Limited takes immense pride in perceiving its role as the comprehensive architect of every single yarn that produces. It is this demand for perfection that has spurred the growth of an organization and its corporate philosophy.
(iii) The company has total 24,480 spindles with annual production 6000 MT in cotton yarn for our count range is 16’s to 44’s Ne contamination Controlled auto coned carded, semi comes and combed mill with all latest German and Japanese technology machinery. When it comes to quality yarns, we are the industry leader in satisfying customers.
(iv) Those who can furnish clients with the best quality, competitive price and excellent customer services and prompt delivery can only survive in the market.
Buy Back Offer Deal:
| Date of Board Meeting approving the proposal: | Dec 22 2023 |
| Date of Public Announcement: | Dec 22 2023 |
Details of Buyback:
Salient financial parameters:
| Particulars (In Cr) | Mar 2019 | Mar 2020 | Mar 2021 | Mar 2022 | Mar 2023 |
| Sales + | 101 | 109 | 110 | 172 | 136 |
| Expenses + | 95 | 108 | 104 | 159 | 136 |
| Operating Profit | 6 | 1 | 5 | 13 | 0 |
| OPM % | 6% | 1% | 5% | 8% | 0% |
| Other Income + | 4 | 2 | 1 | 3 | 2 |
| Interest | 3 | 3 | 3 | 3 | 2 |
| Depreciation | 4 | 4 | 4 | 4 | 4 |
| Profit before tax | 4 | -5 | 0 | 10 | -4 |
| Tax % | 42% | -25% | 789% | 27% | 34% |
| Net Profit + | 2 | -6 | 1 | 7 | -3 |
| EPS in Rs | 0.09 | -0.23 | 0.05 | 0.28 | -0.11 |
| Dividend Payout % | 0% | 0% | 0% | 0% | 0% |
11 Comments
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The Board decided against a buyback and decided to pay a 1 paisa dividend and issue bonus shares instead.
Good to know that… Hope no one lost hard earned money .
Distressed to know that about 4.5 crore shares were traded in one exchange alone before it hit near 10 percent lower circuit @ 5.1
Seems dubious. I have taken a very tiny position for educational purposes.
With Negative EPS, High Price / Book value ratio of around 4, one more operator driven false buy back news in an attempt to distribute shares to common public.
Is it like just to sell the current stocks to retailers?
Ha ha 😂
Gopi, your message tells, another false buyback attempt
My message is meant to be understood as I see the news to be so ridiculous that it is worth laughing at only 😆
I agree with Gopi. I took a blow with IFS shares
Agar fake buy back hai. We should inform stock exchange.