Great Offshore today said it has bought back over 9.78 lakh shares worth Rs 55.24 crore.
Since the commencement of the buyback on April 28, the company has bought back 9,78,977 lakh shares amounting to Rs 55.24 crore, Great Offshore said in a filing to the Bombay Stock Exchange.
Earlier this year, the company's board had approved a buyback for up to Rs 55.24 crore at a price not exceeding Rs 750 a piece.
The said amount does not exceed 10 per cent of the total paid-up capital and free reserves of Great Offshore as on March 31, 2007.
As on the June quarter, promoters held 20.30 per cent stake in the company. The buyback would improve the earnings per equity share, return on net worth, financial ratios and other performance criteria of the company.
The buyback price represented a premium of 17 per cent over the closing price of the company's share as on March 31, 2008.
Shares of Great Offshore were trading at Rs 499, down 7.38 per cent in late afternoon trade on the BSE.
