Godawari Power & Ispat Ltd board approves buyback at Rs. 500 per share through tender offer

The Board of Directors of Godawari Power & Ispat Limited (the "Company") at its meeting held on March 18, 2023 has approved the buyback up to 50,00,000 (Fifty Lakhs) fully paid-up equity shares having a face value of Rs. 5 (Rupees Five Only) each ("Maximum Buyback Shares"), representing up to 3.66% of the total number of Equity Shares in the paid-up equity share capital of the Company as on March 31, 2022 (excluding 45,00,000 shares held by Trust in Treasury) at a price of Rs. 500 (Rupees Five Hundred only) per Equity Share ("Buyback Price"), payable in cash, for an aggregate amount not exceeding Rs. 250.00 Crores (Rupees Two Hundred Fifty Crores only) ("Buyback Size"), representing 8.14% and 7.67% of the aggregate of the total paid up equity share capital and free reserves of the Company based on the audited standalone and consolidated financial statements of the Company as on March 31, 2022, respectively (being the latest standalone and consolidated audited financial statements available at the Board Meeting), excluding any expenses incurred or to be incured for the buyback viz. brokerage, costs, fees, turnover charges, taxes such as buyback tax, securities transaction tax and goods and services tax (if any), stamp duty, advisors fees, filing fees, printing and dispatch expenses and other incidental and related expenses and charges ("Transaction Costs"), from all the equity shareholders / beneficial owners of the equity shares of the Company including promoters and members of the promoter group of the Company. The Buyback is proposed to be undertaken from the equity shareholders / beneficial owners of the Company as on Friday, 31 March 2023 ("Record Date"), on a proportionate basis through the Tender Offer route.

The Buyback is within the statutory limit of 10% of the aggregate of the total paid-up equity share capital and free reserves of the Company based on the latest audited standalone and consolidated financial statements of the Company as on March 31, 2022 through the board approval route.

The Company has fixed Friday, March 31 2023, as the Record Date for the purpose of detemining the entitlement and the names of the equity shareholders who shall be eligible to participate in the Buyback.

Source : Equity Bulls

Keywords

GodawariPowerandIspat GPIL Buyback TenderOffer