Godawarai Power & Ispat advanced 2.94% to Rs 1,109.85 after its board has approved a share buyback of upto Rs 301 crore at a price of Rs 1,400 per equity share through tender offer route.
The buyback price fixed at Rs 1,400 per equity share, representing a 29.85% premium to Fridays closing price of Rs 1,078.20 on the BSE.The company will buyback up to o 21,50,000 fully paid-up equity shares, representing up to 1.64% of the total paid-up equity shares of the company.
The aggregate amount to be spent for the share buyback, amounting upto Rs 250 crore, representing 7% and 6.66% of the aggregate of the total paid up equity share capital and free reserves of the company based on the audited standalone and consolidated financial statements of the Company as on 31 March 2024, respectively.
Godawari Power & Ispat is the flagship arm of Chhattisgarh-based Hira Group of Industries. The company has two captive iron ore mines, pellet plant and a vertically integrated steel plant in Raipur. The steel plant manufactures sponge iron, billets, MS rounds, HB wires, ferro alloys and pre-fab structures.
The companys consolidated net profit jumped 29.5% to Rs 219.52 crore on 16.2% increase in revenue to Rs 1529.81 crore in Q4 FY24 over Q4 FY23.
The counter hit an all time high of Rs 1,179.95 in today's intraday session.
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