GE Shipping's buyback committee approves closure of Rs 100-crore offer

The country's largest private shipping firm GE Shipping on Wednesday said its buyback committee has approved closure of Rs 100 crore offer, with the firm utilising almost full size of the issue approved.

The company's board of directors on June 1 this year had approved buyback of fully paid up equity shares of face value Rs 10 each from the members of the company payable in cash for an aggregate amount not exceeding Rs 100 crore, including transaction costs.

"The company has bought back 38,10,581 equity shares at an average market price of Rs 261.60 per equity share," GE Shipping said in a regulatory filing.

"The total amount utilised during the buyback is 999,400,598.99 i.e. 99.94 per cent of the maximum buyback size with a balance of Rs 5,99,401.01 till November 20, 2019."

It said that consequently the buyback committee of the company, at its meeting held today, has approved the closure of the buyback.