Godawari Power & Ispat announced that its board has approved a share buyback of upto Rs 250 crore at a price of Rs 500 per equity share through tender offer route.
The maximum buyback price of Rs 500 per equity share represents a 28.77% premium to Friday's closing price of Rs 388.30 on the BSE.
The record date for the same has been fixed on Friday, 31 March 2023.
The company will buyback up to 50 lakh equity shares of face value of Rs 5 each, representing up to 3.66% of the total number of equity shares in the paid-up equity share capital of the company as on 31 March 2022.
The aggregate amount to be spent for the share buyback, amounting upto Rs 250 crore, representing 8.14% and 7.67% of the aggregate of the total paid up equity share capital and free reserves of the company based on the audited standalone and consolidated financial statements of the Company as on 31 March 2022, respectively.
Godawari Power said that the buyback is within the statutory limit of 10% of the aggregate of the total paid-up equity share capital and free reserves of the company.
Godawari Power & Ispat has two captive iron ore mines, pellet plant and a vertically integrated steel plant in Raipur. The steel plant manufactures sponge iron, billets, MS rounds, HB wires, ferro alloys and pre-fab structures.
The company's consolidated net profit declined 60.98% to Rs 128.21 crore on a 8.94% fall in sales to Rs 1,462.99 crore in Q3 FY23 over Q3 FY22.
Shares of Godawari Power & Ispat declined 0.64% to Rs 385.80 on the BSE.
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