Godawari Power & Ispat Approves ₹301 Cr Share Buyback Plan

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Synopsis:

Godawari Power & Ispat Limited’s ₹301 crore buyback will purchase 21.5 lakh shares ₹1,400 each, a 30% premium. The company’s Q4FY24 net profit rose 29.4% to ₹219.5 crore, revenue increased 16.2% to ₹1,529.8 crore.

Godawari Power Buyback News Today

The Board of Godawari Power and Ispat has approved a share buyback plan valued at ₹301 crore. The plan involves repurchasing approximately 21.5 lakh fully paid-up equity shares at a price of ₹1,400 per share, a 30% premium over the current market price of ₹1,078 per share.

Explore:Godawari Pow & Isp Ltd Share Price

Proportionate Basis and Record Date

The buyback will be executed on a proportionate basis, targeting equity shareholders and beneficial owners as of June 28, 2024.

The company's exchange filing states that this buyback represents up to 1.64% of the company’s total paid-up equity share capital as of March 31, 2024, excluding the 45 lakh equity shares held by the Trust in Treasury.

Godawari Quarterly Results (Q4FY24)

In Q4FY24, Godawari Power & Ispat Ltd reported a significant 29.4% year-on-year increase in net profit, amounting to ₹219.5 crore compared to ₹169.6 crore in the same period the previous year.

Revenue from operations saw a 16.2% rise, reaching ₹1,529.8 crore from ₹1,316.6 crore year-over-year. The company’s EBITDA increased by 19.3%, totalling ₹328.9 crore in Q4FY24, up from ₹275.8 crore in Q4FY23.

Buyback Route

The board has approved the buyback through the tender offer route. The buyback will use ₹250 crore, representing 7% of the company's paid-up equity and 6.66% of its free reserves as of March 31, 2024.

This strategic move by Godawari Power & Ispat not only reflects its robust financial health but also its commitment to enhancing shareholder value through direct capital return.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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