Cosmo First announces buyback of equity at Rs 1,070 per share

Representing a premium of 42% over the closing price

Cosmo First
Ashok Jaipuria, chairman & managing director. Photo Cosmo First

Cosmo First, a global leader in specialty films and an emerging player in specialty chemicals, announced recently another buyback of fully paid-up equity shares through a tender route from the existing shareholders on a voluntary and proportionate basis.

The buyback price is fixed at Rs 1,070 per share (face value Rs 10 per share) representing a premium of 42% over the closing price as on 28 November 2022 being the date on which the Company has intimated the stock exchanges its intention to consider the buyback proposal. 

The buyback by Cosmo First will be up to 10.09 lakhs shares with a buyback size of Rs 108 crores (excluding taxes and transaction costs) and shall be funded with surplus cash.

Commenting on the buyback rationale, Ashok Jaipuria, chairman & managing director, Cosmo First said “Cosmo has always believed in sharing prosperity with its shareholders. 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”.

The Board fixed 14 December 2022 as the record date for the purpose of ascertaining the eligibility of the shareholders for the buyback.

In 2024, we are looking at full recovery and growth-led investment in Indian printing

Indian Printer and Publisher founded in 1979 is the oldest B2B trade publication in the multi-platform and multi-channel IPPGroup. It created the category of privately owned B2B print magazines in the country. And by its diversification in packaging, (Packaging South Asia), food processing and packaging (IndiFoodBev) and health and medical supply chain and packaging (HealthTekPak), and its community activities in training, research, and conferences (Ipp Services, Training and Research) the organization continues to create platforms that demonstrate the need for quality information, data, technology insights and events.

India is a large and tough terrain and while its book publishing and commercial printing industry have recovered and are increasingly embracing digital print, the Indian newspaper industry continues to recover its credibility and circulation. The signage industry is also recovering and new technologies and audiences such as digital 3D additive printing, digital textiles, and industrial printing are coming onto our pages. Diversification is a fact of life for our readers and like them, we will also have to adapt with agility to keep up with their business and technical information needs.

India is one of the fastest growing economies in nominal and real terms – in a region poised for the highest change in year to year expenditure in printing equipment and consumables. Our 2024 media kit is ready, and it is the right time to take stock – to emphasize your visibility and relevance to your customers and turn potential markets into conversations.

– Naresh Khanna

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