Shares of Godawari Power & Ispat surged over 3% in Tuesday’s market session after the company’s board approved a share buyback worth up to ₹301 crore at ₹1,400 per equity share through a tender offer.
The buyback price of ₹1,400 per share represents a 29.85% premium to Friday’s closing price of ₹1,078.20 on the BSE. The company plans to buy back up to 21,50,000 fully paid-up equity shares, which is 1.64% of the total paid-up equity shares of the company.
The total amount to be spent on the buyback is ₹250 crore, which is 7% of the total paid-up equity share capital and 6.66% of the free reserves of the company based on the audited standalone and consolidated financial statements as of March 31, 2024.
As of 12:34 PM, Godawari Power & Ispat shares were trading 3.07% higher at ₹1,112.00 on the NSE.
