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SRF Polymers board okays buyback plan

K.R. Srivats

NEW DELHI, Aug 8

THE board of directors of the Rs 130-crore SRF Polymers Ltd has approved a proposal for the buyback of up to 25 per cent of the fully paid-up equity capital of the company.

A company official said that the proposed buyback, which would be made through the open market route, could absorb a maximum amount of Rs 3.38 crore for the company. The board has approved the buyback of shares at a price not exceeding Rs 21 per share, the official said.

The paid-up equity capital of SRF Polymers stood at Rs 6.45 crore as on June 30. While the promoters' holding in the company stood at 26.14 per cent as on June 30, mutual funds and UTI have a stake of 13.45 per cent (UTI has a stake of 12.56 per cent).

Financial institutions and insurance companies (IDBI, LIC, ICICI, IFCI) held a combined stake of 17.47 per cent in the company as on June 30.

The level of public holding in the company stood at 26.89 per cent as on the same date.

SRF Polymers had been created through the de-merger of three businesses of engineering plastics, fishnet twine and polyester films from SRF Ltd with effect from January 1, 2001.

The reconstruction scheme became effective from March 18, 2002, being the date on which certified copies of order of high courts of Delhi and Chennai were filed with the Registrar of Companies, company officials said.

For the quarter ended June 30, 2002, SRF Polymers has reported a net profit of Rs 0.80 crore on net sales of Rs 31.28 crore.

The company had recorded a net profit of Rs 1.14 crore on net sales of Rs 30.43 crore for the quarter ended June 30,2001.

A net profit of Rs 3.24 crore was recorded on net sales of Rs 128.57 crore for the year ended March 31,2002.

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