GE Shipping gains as board OKs Rs 900-cr share buyback at Rs 1,530 apiece

Great Eastern Shipping Company advanced 1.57% to Rs 1,337 after the company?s board approved a share buyback of up to Rs 900 crore through the open market route at a maximum price of Rs 1,530 per equity share.

Under the buyback, the company will purchase up to 58,82,352 fully paid-up equity shares of face value Rs 10 each, representing up to 4.12% of the company?s total paid-up equity share capital as on 27 August 2026.

The company said the maximum buyback size represents 7.19% and 6.34% of the aggregate of its fully paid-up equity share capital and free reserves based on the latest audited standalone and consolidated financial statements as on 31 March 2026, respectively.

The company will utilise at least 75% of the maximum buyback size, or Rs 675 crore, for the buyback. Based on the minimum buyback size and the maximum buyback price, the company will purchase an indicative minimum of 44,11,764 equity shares.

As of 30 June 2026, the promoters held a 30.07% stake in the company. The post-buyback shareholding will depend on the actual number of shares repurchased. Based on the indicative maximum buyback, the promoters? shareholding is expected to increase to approximately 31.37%.

Great Eastern Shipping Company (GE Shipping), along with its subsidiaries is a major player in the Indian shipping and oil drilling services industry.

The company posted a consolidated net profit of Rs 1,308.84 crore in Q1 FY27, registering a 159.43% year-on-year (YoY) increase from the corresponding quarter last year. Revenue from operations surged 66.91% YoY to Rs 2,005.36 crore.

Powered by Capital Market - Live News