Godawari Power & Ispat Limited (NSEI:GPIL) announces a share repurchase program. Under the program, the company will repurchase up to 2,150,000 shares, representing 1.64% of its issued share capital, for INR 3,010 million. The shares will be repurchased at price of INR 1,400 per share.

The purpose of the program is to return surplus cash to shareholders, optimize capital structure, improve financial ratios and increase shareholders value for long term. The funds for the buyback will be sourced our of the free reserves and securities premium of the company and/or such other sources as permitted by law. The record for the offer is June 28, 2024.

As of June 7, 2024, the company had 135,944,988 shares outstanding and 4,500,000 shares in treasury.