Filatex India Limited Buyback May 2022 – TradingBuzzr.com

Filatex India Limited is a company engaged in the business activity of manufacturing the Polyester Filament Yarn. The company is also engaged in the manufacturing of the products like Monofilament Yarns used for Zippers, Tooth Brush Bristles, Polypropylene Yarn, Narrow Woven Fabrics and Forming Fabrics. Let’s delve into the key metrics of Filatex India Limited Buyback.

For carrying out their business production, the company built a 6000 Tons Per annum capacity manufacturing plant in Dadra & Nagar haveli. The plant has been built-in 1996. The plant initially started with a large-scale manufacturing capacity in polyester multifilament yarns. The machines installed were such that it could carry out the production of 600 tonnes per day. The plant also produced around 260 tonnes per day of POY. The company also set up a new manufacturing facility at Dahej in 2012. The regional office of the company is located in Maharashtra and Gujarat. Checkout Filatex buyback price, size, buyback acceptance ratio and more details.

OBJECTIVE OF THE BUYBACK OFFER:

The company stated that the necessity of the Buyback Issue aims at the following:

 I) Policy of the company to distribute their surplus funds in favour of the shareholders and increase and improve the overall Return of the shareholders.

 II) To improve their financial ratios and other operational ratios such as Earnings per share (EPS), Return on Equity (ROE), Return on Capital Employed (RoCE), and Return on assets (ROA).

FILATEX INDIA LIMITED BUYBACK DETAIL:

The company stated that the buyback offer of the equity shares would be a Tender Offer as per the Buyback Regulations stated by the company and guidelines of SEBI. It also stated that the reservation of the small shareholders would be defined as per the Buy-back Regulations.

The company board recently approved the proposal of a buyback of 42,50,000 equity shares of the company for Rs. 140 for every equity share. The company stated that its buyback offer would be around 1.89% of the company’s total fully paid-up equity capital base. The buyback offer of the company is a Tender Offer.

Check out the complete Buyback 2022 details

Issue PeriodFrom May 9, 2022, to May 23, 2022
Security NameFilatex India Limited
Issue TypeTender Offer
Issue Size (Shares)42,50,000 equity shares
Issue Size (Amount)Rs. 59.50 Crores
Buyback PriceRs. 140 per equity share
Face Value of the Equity ShareRs. 2 per equity share
Listing AtBSE, NSE
Record Date for the offerApril 8, 2022
Last Date for receipt of Tender FormsMay 23, 2022
Finalisation of the Buyback Acceptance from the companyMay 27, 2022
Last Date for settlement of the bidsJune 1, 2022
Last Date for Extinguishment of SharesJune 8, 2022

FILATEX INDIA LIMITED BUYBACK RATIO:

CategoryEntitlement Ratio of Buyback
Reserved Category for the Small Shareholders of the company23 Equity Shares out of every 226 equity shares held as of the record date for the buyback offer.
General Category that is been eligible for all other Shareholders8 Equity Shares out of every 485 equity shares held as of the record date for the buyback offer.

FINANCIAL TRENDS OF THE COMPANY:

ParticularsFor the year ending with the amount as in Rs. in Lakhs
 31 March 2131 March 2031 March 19
Total Income2,23,660.742,79,448.952,88,588.53
Profit After Tax16,583.3212,147.048,484.60
Net Worth68,976.8752,272.0439,934.67
Reserves and Surplus64,560.5147,878.3435,584.67
PARAMETERMARCH 21MARCH 20YoY %
   Earnings Per Share (Rs)3.9113.73-71.55
   CEPS (Rs)5.974.1643.49
   DPS (Rs)0.000.000.00
   Book NAV/Share (Rs)21.6088.45-75.58
   Tax Rate (%)35.1835.54-1.00
   Core EBITDA Margin (%)7.547.93-4.92
   EBIT Margin (%)6.466.93-6.68
   Pre – Tax Margin (%)4.564.69-2.82
   PAT Margin (%)2.963.03-2.28
   Cash Profit Margin (%)4.524.59-1.43
   ROA (%)5.964.7924.49
   ROE (%)19.8916.8418.10
   ROCE (%)17.1113.9922.26
   Asset Turnover (x)2.011.5827.40
   Sales/Fixed Asset (x)2.872.4019.45
   Working Capital/Sales (x)99.6951.7292.74
   Fixed Capital/Sales (x)0.350.42-16.29
   Receivable days17.1034.20-50.01
   Inventory Days23.2731.69-26.58
   Payable days7.3911.11-33.46
   PER (x)13.622.37474.52
   PCE (x)8.907.8213.91
   Price/Book (x)2.461.8433.88
   EV/Net Sales (x)0.600.72-17.35
   EV/Core EBITDA (x)7.528.31-9.58
   EV/EBIT (x)9.2410.19-9.28
   EV/CE (x)1.210.9725.15
   M Cap / Sales0.400.379.62
   Net Sales Growth (%)49.1024.28102.24
   Core EBITDA Growth (%)36.2915.35136.47
   EBIT Growth (%)35.8421.1669.40
   PAT Growth (%)42.2447.44-10.95
   EPS Growth (%)-71.5547.44-250.84
   Total Debt/Equity (x)1.291.85-30.39
   Current Ratio (x)1.081.09-0.84
   Quick Ratio (x)0.610.64-5.35
   Interest Cover (x)3.403.109.52
   Total Debt/Market capitalization (x)0.521.00-48.01

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VALUATIONS OF THE COMPANY:

  • Market Cap of the company = Rs. 2495.94 Crores
  • Earnings Per Share as on TTM basis = Rs.15.21
  • Price To Earnings (P/E) Ratio = 7.29
  • Book Value Per Equity Share of the company = Rs. 44.71
  • Price/Book as on MRQ basis = 2.48
  • Price/Earnings as on TTM basis = 6.17
  • ROCE (%) = 22.43
  • PAT Margin = 7.38
  • Dividend Yield = 0.36

WORKING CALCULATION OF PROFIT AS PER THE ACCEPTANCE RATIO:

The maximum market value of a shareholder that is eligible for a buyback offer as on the record dateRs 2,00,000
The company has decided on the buyback priceRs. 140
Maximum shares for small shareholders as per the buyback price (2,00,000/140) 1,428 equity shares of the company1,428 equity shares of the company
The closing price of the stock for consideration of the profit from the buybackR126.75
Maximum amount invested in buyback as per the closing price above considered (126.75 x 1,428 shares)Rs. 1,80,999

The profit that can be from Filatex Buyback as per the Acceptance Ratio: 

Acceptance ratioAmount invested in the buybackNo. of shares bought backBuyback ProfitProfit in %
33%1,80,9994766,3073.48
50%1,80,9997149,4605.23
75%1,80,9991,07114,1907.84

MARKET REACTION ON FILATEX INDIA LIMITED BUYBACK:

Currently, the stock is trading at Rs. 113.95 and registered a positive closing with 0.57%. Due to the tension created by the rise in inflation, rise in the RRP and CRR by the RBI, and staggering financials amidst the Russia- Ukraine War, the stock has gone through a significant correction from the top. The stock is currently trailing in a consolidation zone despite the fear in the market. Earlier, the stock registered a higher price of Rs. 129. 35 on NSE in February, with the average price calculated in January at around Rs. 120.46. The stock is currently trailing at a discount from its Buyback Offer Price as per the current market price. The buyback offer at full acceptance is at a premium of Rs. 26 or nearly 21% of the Buyback Price offered by the company.

COMPANY ADDRESS:

Filatex India Limited

43, Community Centre,

New Friends Colony,

New Delhi – 110025 (INDIA)

Phone: 91-11-26312503, 91-11-26848633, 91-11-26848644

Fax: 91-11-26849915

Website: www.filatex.com

REGISTRAR OF THE FILATEX INDIA LIMITED BUYBACK:

MCS Share Transfer Agent Limited

F-65, Okhla Industrial Area, Phase – I, New Delhi, Delhi – 110020

Tel: +011-41406148/49/52;

Fax: +011-41709881

Contact Person: Mr. Amarjit

Email: admin@mcsregistrars.com

Website: www.mcsregistrars.com

MANAGER OF THE BUYBACK:

Corporate Professionals Capital Private Limited

D-28, South Extension Part-1, New Delhi-110049

Tel: 011-40622230/ 40622251/ 40622209;

Contact person: Ms. Anjali Aggarwal,

Email: mb@indiacp.com

Website: www.corporateprofessionals.com

REGISTERED BROKER

  • SMC Global Securities Limited

          Email: nishant.ag@smcindiaonline.com

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