Fineotex Chemical Limited net profit grew by 41.30% to Rs 7.80 crore in Q2 FY21 as against Rs 5.52 crore in the corresponding period previous year. However the company's sales declined 38.79% to Rs 30.39 crore versus Rs 49.65 crore during the previous year.

Further the company has approved the buy-back of its equity shares of face value of Rs. 2 each from the open market.

As prescribed under the SEBI (Buy-Back of Securities) Regulations, 2018 (Buy-back Regulations) at a maximum price of Rs. 40 per equity share payable in cash, for an aggregate maximum amount of up to Rs. 4,40,00,000 excluding transaction costs viz. brokerage, advisor's fees, intermediaries fees, public announcement publication fees, filing fees, turnover charges, applicable taxes such as securities transaction tax, goods and services tax, income tax, stamp duty and other incidental and related expenses which represents 2.99% and 2.60% of the total paid-up equity share capital and free reserves (including securities premium account).

At the maximum buy-back size and price, the indicative maximum number of equity shares to be bought back under the buy-back would be 11,00,000 equity shares which represents 0.99% of the total number of equity shares of the company.

The actual number of equity shares to be bought back during the buy-back will depend upon the actual price paid (excluding the transaction costs) for the equity shares bought back and the aggregate actual amount utilised in the buy-back.

The public announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the buy-back regulations.

Fineotex Group is one of the leading manufacturers of chemicals for textiles, construction, water-treatment, fertilizer, leather and paint industry. The company manufactures and provides an entire range of products for pretreatment process, dyeing process, printing process and finishing process for the textile processing to customers across the globe.