GE Shipping board approves buyback

Great Eastern Shipping Company (GE Shipping)'s board approved share buyback worth up to Rs 225 crore at maximum Rs 333 per share.

The company proposes to buyback upto 67,56,756 equity shares, comprising 4.60% of the total paid-up equity capital of the company, at a price not exceeding Rs 333 per share, for an aggregate amount upto Rs 225 crore.

The company proposes to utilize at least 50% of the maximum buyback size, i.e. Rs 112.5 crore for the buyback.

The company will purchase an indicative minimum of 33,78,378 equity shares, which is the illustrative minimum number of equity shares that can be bought back by the company computed as minimum buyback size divided by maximum buyback price.

Promoters held 29.21% stake in GE Shipping as on September 2021.

On a consolidated basis, net profit of GE Shipping declined 1.06% to Rs 223.06 crore on 14.20% rise in net sales to Rs 885.01 crore in Q2 September 2021 over Q2 September 2020.

GE Shipping is India's largest private sector shipping service provider enjoying a formidable presence in the international maritime industry. The shipping business operates under two main businesses: dry bulk carriers and tankers.

Shares of GE Shipping were down 0.67% at Rs 291.20.

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