Goldiam Intl soars after board approves Rs 45-cr share buyback

Goldiam International jumped 10.68% to Rs 1019.55 after the company's board approved a proposal to buyback equity shares worth upto Rs 45.60 crore.

Goldiam International announced that its board has approved share buyback of up to Rs 45.60 crore at Rs 1,200 per share.

The buyback price is at 30.26% premium to the scrip's closing price of Rs 921.20 per share recorded on Thursday (9 September 2021).

Members of the promoter and promoter group of the company have indicated their intention to participate in the proposed buyback, the company said.

"The proposed Buyback is subject to approval of shareholders by means of a special resolution through a postal ballot. The public announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the Buyback Regulations," it added.

The promoter & promoter group held 66.267% stake in the company as on 10 September 2021.

Goldiam International is an exporter of diamond jewellery. The company's consolidated net profit surged to Rs 23.63 crore in Q1 FY22 from Rs 2.16 crore in Q1 FY21. Net sales increased to Rs 150.90 crore in the first quarter from Rs 32.86 crore reported in the same period last year.

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