Cosmo First announces Rs 108-crore buyback offer

Packaging solutions provider Cosmo First on Thursday announced a Rs 108-crore buyback of its shares from existing shareholders.

The company will buy back 10.09 lakh shares having a face value of Rs 10 each representing 3.70 per cent of the total paid-up equity share capital of the company as of March 31, 2022.

It has fixed Rs 1,070 per equity share as the 'Buy Back Offer Price', said a regulatory filing from Cosmo First.

The board of the company in its meeting held on Thursday approved the ''buyback of fully paid up equity shares of the face value of Rs 10 each not exceeding 10.09 lakh equity shares at a price of Rs 1070/-per equity share payable in cash for an aggregate maximum amount not exceeding Rs 108 crore.'' The Board fixed December 14, 2022 as the record date to ascertain the eligibility of the shareholders for the buyback, it added.

Commenting on the development, Chairman & Managing Director Ashok Jaipuria said: ''The buyback reflects strong cashflows and management's confidence in continued growth prospects in all its business verticals. The buyback will lead to further improved EPS, ROE and ROCE".

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