Godawari Power & Ispat Limited (NSEI:GPIL) announces a share repurchase program. Under the program, the company will repurchase up to 5,000,000 shares, representing 3.55% of its issued share capital, for INR 2,500 million. The shares will be repurchased at price of INR 500 per share.

The purpose of the program is returning excess cash to shareholders, thereby enhancing the overall return to shareholders. The repurchases will be sourced out of the free reserves of the company and/or such other source as may be permitted by the Buyback Regulations or the Act. The record for the offer is March 31, 2023.

The Tender offer will close on April 17, 2023. As of March 18, 2022, the company had 140,944,988 shares outstanding.