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Filatex India on Tuesday announced that its board at its meeting held today has approved share buyback of upto 59.5 crore at 140 per share. Shares of Filatex India were trading about 0.8% higher at 128 apiece on the BSE in Tuesday's early deals.

"we wish to inform you that the Board of Directors of the Company at its meeting held today has considered and approved the proposal for Buyback of its own fully paid equity shares of 2/- each ("Equity Shares") from the equity shareholders of the Company as on the record date on a proportionate basis through the Tender Offer route," the company informed in an exchange filing.

Further, the board of directors of the company has fixed Friday, 8th April, 2022 as the record date for the purpose of determining the entitlement and the names of the Eligible Shareholders / Beneficial Owners to whom the letter of offer will be sent and will be eligible to participate in the buyback offer of the company.

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).

Filatex India Limited is among the country's leading manufacturers of Polyester Filament Yarn. The textile manufacturer's stock has rallied about 97% in a year's period whereas it is up more than 31% in 2022 (year-to-date or YTD) so far.

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