Godrej climbs 15% on share buyback plans

MUMBAI: Shares of Godrej Industries were in demand after media reports that it is planning a buyback of its shares.

Speaking to a business news channel Godrej Group Chairman, Adi Godrej said that the company intended to buy back a minimum of 5.70 lakh equity shares, which amounts to 9.9% stake at a share price not exceeding Rs 275. The buy-back would open on May 18 and would be completed on July 28, 2009.

He further added that the company intends to foray into low cost housing schemes, for which it may bring an IPO under Godrej Properties Ltd, a fully owned subsidiary of Godrej group.

At 2:15 pm, the company���s shares surged 15.59 per cent to Rs 102.70 on the BSE.