Godawari Power & Ispat announces Rs 301 crore buyback, shares surge 6%

Shares of Godawari Power & Ispat surged 6% on BSE today to its all-time high of Rs 1,179.95 after the company’s board approved the buyback of shares worth up to Rs 301 crore on Saturday.

The company will offer a price of Rs 1,400 per share against the buyback of up to 21.5 lakh equity shares having a face value of Rs 5 from shareholders.

"The board approved the buyback of up to 21,50,000 (Twenty One Lakh Fifty Thousand) fully paid-up equity shares having face value of <5 (Rupees Five only) each ("Maximum Buyback Shares"), representing up to 1.64% of the total number of equity shares in the paid-up equity share capital of the company as on March 31, 2024 (excluding 45,00,000 equity shares held by Trust in Treasury) at a price of Rs 1,400 (Rupees One Thousand Four Hundred only) per Equity Share ("Buyback Price"), payable in cash, for an aggregate amount not exceeding <301.00 Crores (Rupees Three Hundred and One Crore only) ("Buyback Size")," said the company in a filing to the exchanges.


The company has set June 28 as the record date for the purpose of buying the shares from the eligible shareholders on a proportionate basis through the Tender Offer route.

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The buyback size represents nearly 1.64% of the total number of Equity Shares in the paid-up equity share capital of the company as on March 31, 2024.

Godawari Power & Ispat shares have given multibagger returns of 143.3% in the last one year while the stock has surged approximately 44% in the current year alone.

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