Great Eastern Shipping Company said its board approved the buyback of shares.
Specifically, it said its board approved a proposal to buyback fully paid-up equity shares of the company for an amount not exceeding Rs 100 crore. The maximum buyback price is Rs 306 per share.
At the maximum buyback price and for the maximum buyback size, the indicative maximum number of equity shares bought back would be 32.67 lakh equity shares, which would be approximately 2.17% of the total paid-up equity shares of the company as at 31 March 2019.
The company said it will utilise at least 50% of the amount earmarked as the maximum buy back size for the buyback i.e. Rs 50 crore (minimum buyback size). Based on the minimum buy back size and maximum buy back price, the company would purchase indicative minimum number of 16.33 equity shares.