Freshtrop Fruits Limited Buyback Important Dates
|Board Meeting for Atul Limited Buyback proposal
|Atul Limited Buyback Approval date
|Public Announcement of Buyback
|Buyback Start Date ( Commencement Date )
|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.