Aarti Surfactant: Promoters on buying spree

Shares of Aarti Surfactant were locked in 5% daily upper limit at Rs 298.20 on NSE following the promoters decision to acquire shares in the open markets

Jaya Chandrakant Gogri and Nikhil Holdings have announced open offer to acquire upto 19,71,965 equity shares of Rs 10 each for cash at a price of Rs 284 aggregating upto Rs 56 crore

They entered into a share purchase agreement to acquire 6,91,606 equity shares representing 9.12% of fully paid-up equity share capital and voting capital of the company

Further, they have also placed a purchase order with their respective brokers to acquire 7,25,000 equity shares representing 9.56%. Additionally, they will acquire 5,00,000 equity shares representing 6.59%

Promoter group has been buying Aarti Surfactant shares in recent times. Last Wednesday, promoters Chandrakant V Gogri and Jaya Chandrakant Gogri bought 1 lakh and 2 lakh shares in the company on August 4, bulk deals data available with the stock exchanges showed

Aarti Surfactant, a demerged entity of Aarti Industries, has declined nearly 50% since listing on bourses on July 14 2020.
For the year ended March 31, the company posted a standalone profit after tax of Rs 2.09 crore against a net loss of Rs 6.47 crore a year ago.

Revenues from operations increased 23.28 per cent YoY to Rs 325.86 crore in FY20 from Rs 264.32 crore in FY19.

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