Metals sector is the focus of Godavari Power & Ispat Ltd., a mid-cap company with a market valuation of 5,458 crores. Godavari Power and Ispat Limited (GPIL) Company manufactures mild steel wire. Godavari Power & Ispat in its board meeting on Saturday authorized buyback of equity shares 250 crores. With this action, the Corporation will buy back up to 50 lakh equity shares with a face value of Rs. 5 each. Price fixed for buyback 500 per share, which represents a premium of 28.23% over Friday’s closing price.
The company said in a stock exchange filing that its board of directors has “approved buyback of fully paid-up equity shares of face value up to Rs 50,00,000 (Fifty Lakhs)”. 5 (Rupees Five only) each (“Maximum Buyback Shares”), representing up to 3.66% of the total number of equity shares in the paid-up equity share capital of the Company as on March 31, 2022 (excluding 45,00,000 shares) held in trust in the treasury held by) at the cost of 500 (Rupees Five Hundred only) per Equity Share (the “Buyback Price”), payable in cash, for an aggregate amount of Rs. 250.00 Crore (Rupees Two Hundred Fifty Crore only) (the “Buyback Size”), representing 8.14% and 7.67% of the aggregate of the total paid-up equity share capital and free reserves of the Company on the basis of the audited standalone and consolidated financial statements. does. of the Company by March 31, 2022.”
The buyback is within the statutory limit of 10% of the total paid-up equity share capital of the Company and free reserves of the Company based on the latest audited standalone and consolidated financial statements of the Company as on March 31, 2022. The board of directors of Godavari Power & Ispat said in a stock exchange filing, board approval route.
Commenting on the future outlook of Godavari Power & Ispat shares, AR Ramachandran, Co-Founder and Trainer at Tips2trades said, “Godavari Power is looking bullish but facing strong resistance. 392 on the daily chart. A daily close above this level could lead to target 415-457 in the near term. strong support for 355.”
Shares of Godavari Power & Ispat closed on NSE on Friday 389.90 each level, up 4.13% from the previous close 374.45. The stock recorded an overall volume average of 3,99,030 shares as compared to 20-day volume average of 2,69,799 shares. In last 1 year, the stock has gained 3.01% and on YTD basis, it has fallen 1.63% in 2023 so far. The stock has touched a 52-week high. 497.80 (19-Apr-2022) and at 52-week low 223.00 on (20-Jun-2022). During Q3FY23 the company recorded promoter shareholding of 67.50%, FII holding of 3.01%, DII holding of 0.75% and public holding of 28.73%.
Know your inner investor
Do you have guts of steel or are you a victim of insomnia regarding your investments? Let’s define your investment approach.
catch all business News, market news, today’s fresh news events and Breaking News Update on Live Mint. download mint news app To get daily market updates.