Financial Daily from THE HINDU group of publications
Saturday, Feb 23, 2002
Financial Daily from THE HINDU group of publications Saturday, Feb 23, 2002 |
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Corporate
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Buyback Godrej buyback at Rs 18 per share Our Bureau
MUMBAI, Feb. 22 GODREJ Industries Ltd (GIL) today announced a scheme of arrangement to purchase its shares from the shareholders. The company plans to purchase not more than 40 per cent of its paid-up equity share capital — 2,46,88,014 equity shares of Rs 6 each at Rs 18 per share. The scheme is subject to shareholders, creditors and other statutory approvals and the approval of the Bombay High Court. "This scheme will provide an opportunity to our shareholders to exit at a significantly higher price than the ruling market price. It will also help the company to optimise its capital structure,'' GIL said in a press release quoting Mr Adi Godrej, Chairman, Godrej group.
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