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Cosmo Films on Monday informed that its board of directors will meet this week on Thursday, December 1, 2022 to consider the proposal of buyback of equity shares of the company. Cosmo Films shares were trading more than 9% higher at 761 apiece on the BSE in afternoon deals. 

“This is to inform you that the meeting of Board of Directors of the Company is scheduled to be held on Thursday, December 01, 2022, inter-alia to consider a proposal for Buyback of Equity Shares of the Company and other matters necessary/ incidental thereto," the company said in an exchange filing today.

A share buyback, also known as share repurchase, is a corporate action to buy back its own outstanding shares from its existing shareholders usually at a premium to the prevailing market price. It can be an alternative tax-efficient way to return money to shareholders. Share buybacks reduce the number of shares in circulation, which can increase the share value and the earnings per share (EPS).

Further, the trading window for dealing in the securities of the company is closed from Monday, November 28, 2022 up to 48 hours after the conclusion of the aforesaid Board Meeting, it added.

Shares of Cosmo Films have declined more than 19% in 2022 (year-to-date or YTD) so far, whereas, the stock has shed over 16% in a year's period. Cosmo Films is a BOPP Film manufacturers, suppliers and producers in India.

Established in 1981, Cosmo Films Limited is a leading firm in speciality films for packaging, lamination and labeling applications. Its films offerings include biaxially oriented polypropylene (BOPP) films, cast polypropylene (CPP) films and soon to be offered biaxially oriented polyethylene terephthalate (BOPET) films.

For the quarter ended September 2022, the company's consolidated net profit fell about 24% from the year ago quarter to 73 crore whereas its revenue was up by over 2% year-on-year to 778 crore.

The company's board with its Q4 results in June this year also approved the change in name of the company from “Cosmo Films Ltd" to “Cosmo First Ltd" and consequent alteration in the Memorandum and Articles of Association of the company, subject to the approval of shareholders.

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