Great Eastern Shipping launches 1st-ever buyback worth ₹900 cr
Business
Great Eastern Shipping is rolling out its first-ever share buyback, planning to spend up to ₹900 crore buying back shares from the open market.
They're offering up to ₹1,530 per share, which is a 15.99% premium to yesterday's closing price of ₹1,319.
The move covers 4.12% of the company's total paid-up equity share capital.
GE Shipping promoters hold 30.07% stake
If the buyback goes through fully, it'll cover less than one-quarter of GE Shipping's equity.
Promoters and the promoter group hold a 30.07% stake, foreign investors hold nearly as much, and the rest is split between institutions and regular folks.
The stock ended 0.96% lower at ₹1,319 on Thursday but has still jumped almost 19% so far this year, so this buyback could give investors even more reason to stay optimistic.