Tips Industries Ltd has finalised the dates for its buy back offer. In an announcement to the BSE on its proposed buy-back of its fully paid-up equity shares, it said the offer will begin on March 17 and end on August 23.
Though the board meeting approving the buy back was conducted as early as June 27 last year, the announcement was only made yesterday.
The shares worth Rs. 10 each will be bought back through the open market. The upper limit for the share is Rs 75 payable in cash, aggregating to amount not exceeding Rs. 198.1 million. This represents 25% of the total paid-up capital and free reserves of the company as on March 31, 2009.
In the quarter ended December 2009, Tips’ net profits rose 53.5 percent sequentially to Rs. 69.78 million on revenues of Rs. 496.54 million. However expenses rose tenfold to Rs. 401 million due to increased costs of production and distribution of films.