Goldiam International Ltd board approves buyback of up to 3,80,000 shares

The Board of Directors of Goldiam International Limited (the "Company") at its meeting held on September 13, 2021 has approved a proposal to buyback up to 3,80,000 equity shares (Three lakhs eighty thousand only) of the Company for an aggregate amount not exceeding Rs.45,60,00,000/- (Rupees Forty five crores sixty lakhs only) (hereinafter referred to as the "Buyback Size"), being 01.71 % of the total paid-up equity share capital and 19.35% 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. 1,200/- (Rupees One thousand two hundred 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.

The proposed Buyback is subject to approval of shareholders by means of a special resolution through a postal ballot. The public announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the Buyback Regulations.

The Company has formed a committee to oversee and implement the Buyback and to do all such acts, deeds, matters and things as it may, in its absolute discretion, deem necessary, expedient, - usual or proper in connection with the proposed Buyback.

Shares of Goldiam International Ltd. was last trading in BSE at Rs. 921.2 as compared to the previous close of Rs. 861.25. The total number of shares traded during the day was 95281 in over 6871 trades.

The stock hit an intraday high of Rs. 947 and intraday low of 830. The net turnover during the day was Rs. 86990023.

Source : Equity Bulls

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