Freshtrop Fruits Limited Buyback - Freshtrop Fruits Limited Buyback Price With Record Date and Other Details

Freshtrop Fruits Limited will buyback nearly 7,50,000 shares for about 675 lakhs (Rupees Six Crore Seventy Five Lakhs only). In a filing to the stock exchanges, Freshtrop Fruits Limited said it will buyback 10% percent of the fully paid-up equity shares at a price of Rs.90/- per share.

The board of directors of Freshtrop Fruits Limited approved the proposal to buyback of not exceeding 7,50,000 equity shares of face value of Rs 10 each of the company (representing 10% percent of the total number of fully paid-up equity shares in the paid-up share capital of the company) at a price of Rs 90 per equity for an aggregate consideration not exceeding Rs 6.75 crore," it said.

    Freshtrop fruits buyback

    Freshtrop Fruits Limited BuyBack 2021 Offer Deal:

    Buyback Type:Open Market Offer
    Buyback Record Date: N/A
    Buyback Offer Amount: ₹ 6.75 Crore
    Date of Board Meeting approving the proposal: Jan 28 2021
    Date of Public Announcement: Feb 01 2021
    Buyback Offer Size: 10%
    Buyback Number of shares: 7,50,000
    Price Type: Open Market 
    FV Rs. 10
    Buyback Price: ₹ 90 Per Equity Share

    Atul Limited buyback of 7,50,000 equity shares which is around 10of all the existing number of equity shares at a price of ₹90 per equity share. The buyback offer not exceeding of ₹ 6.75 crore of total buyback offer size.

    Note: If anything you want to know about the buyback offer you can refer the Freshtrop Fruits Limited buyback offer documents. Click Here


    Freshtrop Fruits Limited Buyback Important Dates

    Buyback ActivityDate
    Board Meeting for Atul Limited Buyback proposal28.01.2021
    Atul Limited Buyback Approval date28.01.2021
    Public Announcement of  Buyback01.02.2021
    Buyback Start Date ( Commencement Date )10-02-2021
    Last date for the completion of the Buy-back(a) six months from the date of the opening of the Buyback; or
    (b) when the Company completes the Buyback by deploying the amount equivalent to the Maximum Buyback Size; or
    (c) at such earlier date as may be determined by the Board of Directors after  giving  notice  of  such  earlier  closure,  subject  to  the  Company  having  deployed  an  amount  equivalent  to  the  Minimum  Buyback  Size  (even  if  the  Maximum  Buyback  Size  has  not  been  reached  or  the  Maximum  Buyback  Shares  have  not  been  bought  back),  provided,  that  all  payment  obligations  relating  to  the  Buyback  shall  be completed before the last date for the Buyback

    Necessity of Buyback by Freshtrop Fruits Limited

    Buy-back is  the acquisition by a company of    its own shares. Buy-back is   an efficient form of    returning surplus cash to  the members holding equity shares of    the Company, inter-alia, for the following reasons: 

    i.    The Buy-back will help the Company to   return surplus cash to    its members holding equity shares broadly in proportion to their shareholding, thereby, enhancing the overall return to   members; 

    ii.    The Buy-back, which is   being implemented through the Tender Offer route as prescribed under the Buy-back Regulations, would  involve allocation  of  higher  of  number of  shares as  per their entitlement or  15% of the number of    shares to  be bought back,  reserved for the small shareholders. The Company  believes that this reservation of    15% for small shareholders would benefit a large number of    public shareholders, who would get classified as "small shareholder; 

    iii.    The Buy-back would help in   improving return on equity, by reduction in   the equity base, thereby leading to   long term increase in  shareholders' value; and 

    iv.    The  Buy-back  gives an  option to the  members  holding  equity shares  of the  Company, who can  choose to participate and get cash in  lieu of    Equity Shares to   be accepted under the Buy-back offer or    they may choose to not participate and enjoy a resultant increase in   their percentage shareholding, post the Buy-back offer, without additional investment. 

    About Freshtrop Fruits Limited

    Freshtrop Fruits Limited deals with local farmers to produce high quality fresh produce for export. The Company grows and exports fresh fruits, vegetables, and processed foods to Europe, South East Asia and the Middle East.

    Freshtrop Fruits Ltd has been a leading and consistent supplier of grapes and pomegranates from India to supermarkets in Europe for more than a decade.

    Steadfast focus on quality and a systematic and thorough approach to food safety and traceability have been the directing forces for Freshtrop’s operations. The Company’s continuous efforts towards building and expanding relationships with growers has enabled it to become a dependable supplier of fresh produce.

    Seeking to harness the existing backward linkages and with a view to bring the same high standards of quality and food safety to the processed domain, Freshtrop established a state-of-the-art juice processing plant at Nasik, Maharashtra, about 180 km from Mumbai in 2009.

    How to Participate in buyback?

    1. The Buy-back is open to all shareholders | beneficial owners holding the Equity Shares in de-materialized form (“Demat Shares”). Shareholders holding Equity Shares in physical form can participate in the Buy-back after such Equity Shares are de-materialized by approaching depository participant. However, in accordance with Regulation 16
    (ii) of the Buy-back Regulations, the Buy-back will not be made from the Promoters and Promoter Group of the Company.

    2. Further, as required under the Act and the Buy-back Regulations, the Company will not buy back any Equity Shares which are locked-in or non-transferable, until the pendency of such lock-in, or until the time such Equity Shares become freely transferable, as applicable.

    3. The Buy-back will be implemented by the Company in accordance with Regulation 4(iv)(b)(ii) read with Regulation 16 of the Buy-back Regulations from the open market through the Stock Exchanges having nationwide terminal, using the order matching mechanism except “all or none” order matching system as provided under the Buy-back Regulations.

    4. For implementation of the Buy-back, the Company has appointed Edelweiss Broking Limited as the registered broker to the Company (the “Company’s Broker”) through whom the purchases and settlements on account of the Buy-back will be made by the Company. The contact details of the Company’s Broker are as follows:

    Innovate Securities Private Limited 
    1st Floor, Devashish, 39, Sardar Patel Nagar, 
    Navrangpura, Ahmedabad - 380006      
    Tel:      +91-79-26474500 | Fax: +91-79-26423759 | 
    Contact Person: Mr. Amar M. Parikkh | 
    SEBI Reg. No. INZ000224735

    Freshtrop Fruits Limited Buyback 2021 FAQs:

    When is Freshtrop Fruits Limited Buyback Start Date?
    Freshtrop Fruits Limited buyback 2021 start date is 10 February 2021

    When is Freshtrop Fruits Limited Buyback announcement Date?
    Freshtrop Fruits Limited buyback 2021 announcement date is 01 Feb 2021.

    What is Freshtrop Fruits Limited Buyback Price?
    The company has fixed the price at ₹ 90

    What is Freshtrop Fruits Limited Buyback Last Date?
    Freshtrop Fruits Limited buyback will end in six months from the date of opening.