Goldiam board approves share buyback up to Rs45.6cr at Rs1,200/share; stock jumps 11%

Further, the company said the buyback is proposed to be made from the existing shareholders of the company as on the record date on a proportionate basis under the tender offer route using the stock exchange mechanism.

Sep 13, 2021 04:09 IST India Infoline News Service

Goldiam International said that its board has approved the buyback of equity shares at a price of Rs1,200 via a tender offer.

“The board of directors of Goldiam International at its meeting held on September 13, 2021, has approved a proposal to buyback up to 380,000 equity shares of the company for an aggregate amount not exceeding Rs45.60cr, at a price of Rs1,200 per equity share,” the company said in an exchange filing.

The stock ended at Rs1,022.55 up by Rs101.35 or 11% from its previous closing of Rs921.20 on the BSE. The scrip opened at Rs927 and touched a high and low of Rs1,074 and Rs927 respectively.

Further, the company said the buyback is proposed to be made from the existing shareholders of the company as on the record date on a proportionate basis under the tender offer route using the stock exchange mechanism.

“The Buyback is proposed to be made from the existing shareholders of the Company as on the record date on a proportionate basis under the tender offer route using the stock exchange mechanism in accordance with the provisions contained in the SEBI (Buy Back of Securities) Regulations, 2018 ("Buyback Regulations") and the Companies Act, 2013 and rules made thereunder (including any statutory modification(s) or re-enactment of the Companies Act, 2013 or Buyback Regulations),” the company added.

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