Finolex Industries is planning to augment its PVC manufacturing
capacity at its Ratnagiri plant in Maharashtra. A meeting
of the board of directors of the company will be held
on 24 September 2002 to consider expansion of PVC manufacturing
had mopped up about 13.39 per cent of the companys paid-up
capital from the open market under the buyback scheme.
The shares were purchased at a total consideration of
Rs 55.4 crore.
The company purchased
some 199,78,977 lakh shares from the open market. In April
last, the board of Finolex Industries had approved the
proposal to buy back shares at a maximum of Rs 40 a share.
The company had, at that time, decided it will not invest
more than Rs 60 crore in the buyback programme.
The shares were
bought at an average price of Rs 27.73 apiece. Though
the company stopped buying its equity shares from 21 March
2002, the buyback plan was completed only on 2 April 2002.
The company has announced another buyback programme, which
will be open from 19 August 2002 to 26 July 2003, and
the board had budgeted a maximum of Rs 350 million for
The companys paid-up
equity capital comprises 14,91,97,241 shares of Rs 10
each, aggregating to Rs 149.12 crore as on 10 April 2001.
Post-buyback, the companys equity capital stands at 12,92,18,264
shares, aggregating Rs 129.14 crore.
has increased the promoters holding by about 2.46 percentage
points to 18.06 per cent. The shareholding of Finolex
Cables, an associate company, and its subsidiary companies
has increased from 26.9 per cent to 31.10 per cent.