Goldiam's buyback offer to start on May 7

MUMBAI: City-based jewellery firm Goldiam International on Tuesday said its offer for buying back 14.86 lakh shares worth Rs 9.37 crore from its shareholders will start on May 7.

The company would buy-back its fully paid-up shares of the face value of Rs 10 each from the Bombay Stock Exchange and the National Stock Exchange at Rs 85 per equity share for an aggregate amount of up to Rs 9.37 crore.

The offer would commence on May 7 and close on December 31, the company said in a filing to the BSE.

The offer size represents 5.50 per cent of the aggregate of the company's total paid-up equity share capital and free reserves of the company as on March 31, 2007.

The board of directors of the company proposes to buy- back not more than 5.50 per cent of the total paid up share capital of the company representing 14,86,804 shares.

The buy-back price represents a premium of 52.34 per cent to the closing price at BSE and 52.47 per cent of the closing price at NSE on the date of the passing of the special resolution through Postal Ballot April 21.

Shares of the company closed at Rs 57.30, up 1.51 per cent on BSE.