The Board of Directors (the "Board") of The Great Eastern Shipping Company Limited (the "Company") at its meeting held on December 27, 2021 has approved a proposal for the Company to buyback ("Buyback") its own fully paid-up equity shares of a face value of ₹ 10/- each ("Equity Shares"), for an amount not exceeding ₹ 225 crores (Rupees Two Hundred and Twenty-Five Crores only) including transaction costs which are payable on buyback of Equity Shares on the stock exchange platform namely brokerage, applicable taxes such as securities transaction tax, GST, stamp duty, exchange transaction charges, SEBI turnover fees etc. ("Maximum Buy Back Size"), being less than 10% of the total paid-up capital and free reserves of the Company based on the audited financial statements of the Company as at March 31, 2021, (being the date of last available audited financial statements of the Company) for a price not exceeding ₹333/- (Rupees Three Hundred and Thirty -Three only) per Equity Share ("Maximum Buy Back Price") from the shareholders of the Company (other than the Promoters and shareholders belonging to Promoters Group of the Company) payable in cash, through open market route through the stock exchange mechanism.
At the Maximum Buy Back Price and for the Maximum Buy Back Size, the indicative maximum number of Equity Shares to be bought back would be 67,56,756 (Sixty-Seven Lakhs, Fifty-Six Thousand, Seven Hundred and Fifty-Six) Equity Shares ("Maximum Buyback Shares"), which would be approximately 4.60% of the total paid-up equity shares of the Company as at September 30, 2021 and as on date (i.e. December 27, 2021). If the Equity Shares are bought back at a price below Maximum Buy Back Price, the actual number of Equity Shares bought back could exceed the Maximum Buyback Shares, but will always be subject to the Maximum Buy Back Size.
The company shall utilise at least 50% of the amount earmarked as the Maximum Buy Back Size for the Buy Back i.e. ₹ 112.5 crores (Rupees One Hundred and Twelve Crores and Fifty Lakhs only)("Minimum Buy Back Size"). Based on the Minimum Buy Back Size and Maximum Buy Back Price, the Company would purchase indicative minimum number of 33,78,378 (Thirty-Three Lakhs, Seventy-Eight Thousand, Three Hundred and Seventy-Eight) Equity Shares.
Shares of The Great Eastern Shipping Company Limited was last trading in BSE at Rs. 293.15 as compared to the previous close of Rs. 295.55. The total number of shares traded during the day was 36484 in over 1665 trades.
The stock hit an intraday high of Rs. 300.20 and intraday low of 291.20. The net turnover during the day was Rs. 10727972.00.