13 Sep , 2021 By : Kanchan Joshi
Shares of Goldiam International surged over 15% to Rs1,052 per share on the BSE in Monday's session after the company announced that its board approves share buyback up to Rs45.6 crore at Rs1,200 per share. 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.
“We wish to inform you that the Board of Directors of Goldiam International Limited 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 Rs45,60,00,000/- (Rupees Forty five crores sixty lakhs only) at a price of Rs1,200/- (Rupees One thousand two hundred only) per equity share," the jewelry company announced in an exchange filing.
The company had informed the exchanges last month that a meeting of the board of directors of the company will be held on Monday, the 13th day of September 2021 (September 13) to consider a proposal for buyback of equity shares of the company. Goldiam International is a global exporter of luxurious diamond jewelry.
“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," it added.
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