Team News Riveting
Raipur, March 18
The board of Godawari Power and Ispat Limited (GPIL), an arm of Chhattisgarh-based Hira Group, approved a proposal to buyback 50 lakh shares of the company for Rs 500 per share though the open market route.
The company will execute the buyback for an amount not exceeding Rs 250 crore, GPIL said in a regulatory filing today. The meeting of the Board of Directors of Godawari Power and Ispat Limited (GPIL) was held on March 18, 2023.
“Approved the buyback up to 5000000 (Fifty Lakhs) fully paid-up equity shares having a face value of Rs 5 (Rupees Five Only) each (Maximum Buyback Shares) representing up to 3.66 per cent of the total number of Equity Shares in the paid-up equity share capital of the Company as on March 31 2022 (excluding 4500000 shares held by Trust in Treasury) at a price of Rs 500 (Rupees Five Hundred only) per Equity Share (Buyback Price) payable in cash for an aggregate amount not exceeding Rs 250.00 Crores (Rupees Two Hundred Fifty Crores only) (Buyback Size) representing 8.14 per cent and 7.67 per cent 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 March 31 2022 respectively (being the latest standalone and consolidated audited financial statements available at the Board Meeting), the company said.
It added that the buyback is proposed to be undertaken from the equity shareholders/beneficial owners of the Company as on Friday, 31 March 2023 (“Record Date”), on a proportionate basis through the Tender Offer route in accordance with the provisions of the Companies Act, 2013, as amended (the “Companies Act”) and the relevant rules made thereunder including the Companies (Share Capital and Debentures) Rules, 2014 to the extent applicable, and in compliance with the SEBI Buy-Back Regulations, 2018, as amended (hereinafter referred to as the “SEBI Buyback Regulations”).
