GE Shipping rises as board approves share buyback
The board has approved the buyback of the company's equity shares at maximum price of Rs 279 per share.
Great Eastern Shipping has moved higher by 4% to Rs 245 after its board has approved the buyback of the company’s equity shares at maximum price of Rs 279 per share.
The company will buy back equity share up to an aggregate amount of Rs 279 crore, being 5.53% of the total paid-up equity capital plus free reserves as per the audited balance sheet of the company for the year ended March 31, 2013, GE Shipping said in a regulatory filing.
The company will purchase the shares via open market through the stock exchanges.
The stock opened at Rs 238 and hit a high of Rs 247 on BSE. A combined around 400,000 shares changed hands till 1337 hours on BSE and NSE.
The company will buy back equity share up to an aggregate amount of Rs 279 crore, being 5.53% of the total paid-up equity capital plus free reserves as per the audited balance sheet of the company for the year ended March 31, 2013, GE Shipping said in a regulatory filing.
The company will purchase the shares via open market through the stock exchanges.
The stock opened at Rs 238 and hit a high of Rs 247 on BSE. A combined around 400,000 shares changed hands till 1337 hours on BSE and NSE.
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First Published: Aug 08 2013 | 1:39 PM IST