NSE₹₹₹₹Godawari Power and Ispat Ltd. will be considering a proposal for a buyback of equity shares on June 15, the company said in an exchange filing.
"A meeting of the Board of Directors of the company is scheduled to be held on Saturday, June 15, 2024, inter alia, to consider a proposal for buyback of fully paid up equity shares of the company of face value of5 each," it said.Godawari Power and Ispat had carried out a share buyback last year when it purchased shares worth up to250 crore, via the tender offer route.The board had given the nod to buy back 50 lakh equity shares of5 each face value, accounting for 3.66% of the total equity shares.The buyback price was fixed as500 per share.Under a share buyback, the company buys back its own shares from shareholders and it is seen as a tax-efficient way to give cash back to investors.
Share buyback reduces the number of shares available in the market and thereby increases the real value of the stock.The trading window for dealing in securities of the company will remain closed for all designated persons and their relatives, from June 8, 2024 till the expiry of 48 hours from the conclusion of the board meeting.Shares of Godawari Power and Ispat Ltd. ended 3.98% higher at ₹970.
The stock is up 150% over the last 12 months.
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Godawari Power and Ispat Ltd. will be considering a proposal for a buyback of equity shares on June 15, the company said in an exchange filing."A meeting of the Board of Directors of the company is scheduled to be held on Saturday, June 15, 2024, inter alia, to consider a proposal for buyback of fully paid up equity shares of the company of face value of5 each," it said.Godawari Power and Ispat had carried out a share buyback last year when it purchased shares worth up to250 crore, via the tender offer route.The board had given the nod to buy back 50 lakh equity shares of5 each face value, accounting for 3.66% of the total equity shares.The buyback price was fixed as500 per share.Under a share buyback, the company buys back its own shares from shareholders and it is seen as a tax-efficient way to give cash back to investors. Share buyback reduces the number of shares available in the market and thereby increases the real value of the stock.The trading window for dealing in securities of the company will remain closed for all designated persons and their relatives, from June 8, 2024 till the expiry of 48 hours from the conclusion of the board meeting.Shares of Godawari Power and Ispat Ltd. ended 3.98% higher at ₹970. The stock is up 150% over the last 12 months.
