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Goldiam International Limited board approves buyback of shares at Rs. 675 per share

Posted On: 2021-07-21 06:51:55 (Time Zone: UTC)

The Board of Directors of Goldiam International Limited (the "Company") at its meeting held on July 21 , 2021 has approved a proposal to buyback up to 6,65,248 equity shares (Six lakhs sixty five thousand two hundred forty eight only) of the Company for an aggregate amount not exceeding Rs.44,90,42,400/- (Rupees Forty four crores ninety lakhs forty two thousand four hundred only) (hereinafter referred to as the "Buyback Size"), being 3.00% of the total paid-up equity share capital and 19.05% of the total paid-up equity share capital and free reserves of the Company based on the audited standalone financial statements of the Company as on March 31, 2021, at a price of Rs. 675/- (Rupees Six hundred seventy-five only) per equity share (hereinafter the "Buyback Price" and such buyback, the "Buyback").

The Buyback is proposed to be made from the existing shareholders of the Company as on the record date on a proportionate basis under the tender offer route using the stock exchange mechanism in accordance with the provisions contained in the SEBI (Buy Back of Securities) Regulations, 2018 ("Buyback Regulations") and the Companies Act, 2013 and rules made thereunder (including any statutory modification(s) or re-enactment of the Companies Act, 2013 or Buyback Regulations).

The Buyback Size does not include transaction costs viz. brokerage, applicable taxes such as Buyback tax, securities transaction tax, GST, stamp duty, any expenses incurred or to be incurred for the Buyback like filing fees payable to the Securities and Exchange Board of India, advisors/legal fees, public announcement publication expenses, printing and dispatch expenses and other incidental and related expenses.

Members of the promoter and promoter group of the Company have indicated their intention to participate in the proposed Buyback without reducing their existing shareholding in percentage in post buyback paid-up equity share capital.

The proposed Buyback is subject to approval of shareholders by way of a special resolution at 34th Annual General Meeting to be held on August 28, 2021.

The process, record date, timelines and other requisite details of the Buyback will be set out in the public announcement and the letter of offer to be published in accordance with the Buyback Regulations.

Shares of GOLDIAM INTERNATIONAL LTD. was last trading in BSE at Rs. 576.95 as compared to the previous close of Rs. 598.85. The total number of shares traded during the day was 7550 in over 914 trades.

The stock hit an intraday high of Rs. 606.25 and intraday low of 570.95. The net turnover during the day was Rs. 4437204.

Source: Equity Bulls

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