Godrej Consumer hit a new high on the bourses as the company announced that it would consider making a fresh buyback of shares at its director board meeting on July 22.
On the NSE, the stock hit a new 52-week high of Rs 108.52 with 14,894 shares changing hands. On the BSE, the stock settled at Rs 100.05 on profit-booking. Around 6,382 shares changed hands on the counter. Dealers said: "Several retail investors were active on the counter following the announcement of fresh buyback."
Godrej Consumer had today announced that it will also review its buyback scheme announced on April 29. Its earlier buyback closed on May 31. The buyback was announced with a ceiling price of Rs 100.
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After the buyback, the promoters' holding in the company went up to 72.83 per cent from 71.05 per cent. The shareholding of international investors went up from 2.28 per cent to 3.91 per cent. However, the stake held by Indian financial institutions declined from 6.04 per cent to 4.43 per cent. The balance public holding declined from 20.64 per cent to 18.83 per cent. The total number of shares bought back were 14,64,593 shares and Rs 9.23 crore was utilised by the company for the buyback.
Godrej Consumer is a major player in the fast moving consumer goods market with a leadership position in personal, haircare, household and fabric care products.
It was formed in November 2000, to take over the consumer products division of Godrej Soaps pursuant to a scheme of de-merger, effective from April 2001. For the year ended March 2002, the company had generated total sales of Rs 514.2 crore, a growth of 10 per cent over last year's sales of Rs 468.4 crore, with profit before tax at Rs 63.2 crore.
GCPL had announced the buyback of its fully paid-up equity shares of the face value of Rs 4 each from the existing owners of shares of the firm.