Godawari Power and Ispat to Consider Share Buyback Proposal on June 15

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Synopsis:

Godawari Power and Ispat’s board will consider a new share buyback proposal on June 15, 2024. Last year's buyback involved 50 lakh shares worth ₹250 crore at ₹500 per share. Each share holds a face value of ₹5.

Godawari Power News Today

Godawari Power and Ispat Limited has announced a crucial meeting of its Board of Directors to be held on Saturday, June 15, 2024. The primary agenda for this meeting includes considering a proposal for the buyback of fully paid-up equity shares of the company. Each share holds a face value of ₹5.

Explore: GODAWARI POW & ISP LTD

Previous Share Buyback Details

Godawari Power successfully executed a share buyback last year where the company purchased shares amounting to ₹250 crore. This transaction was conducted via the tender offer route.

The board approved the buyback of 50 lakh equity shares, each with a face value of ₹5. This quantity represented 3.66% of the company's total equity shares. The buyback price was set at ₹500 per share.

Trading Restrictions

In light of the upcoming board meeting, the company has announced that the trading window for dealing in its securities will be closed. This closure affects all designated persons and their relatives. The restriction will be in place from June 8, 2024, and will last until 48 hours after the conclusion of the board meeting.

Additional: Read: Godawari Power and Ispat to Consider Share Buyback Proposal on June 15

Why Do Companies Go For Share Buybacks?

Share buybacks are viewed as a tax-efficient method for companies to return cash to their investors. By purchasing its own shares, a company reduces the number of shares available in the market. This reduction typically leads to an increase in the real value of the remaining shares, benefiting the shareholders.

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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