Gale India Buyback: Gale India Company approves a share repurchase on February 18th. Since then, there has been a strong jump in the company’s stock. The company’s shares are up more than 8 percent. The company’s repurchase program will begin on February 25 and close on March 10.
- Gayle India approved a share buyback on February 18th.
- Since then, there has been a strong jump in the company’s stock.
- The company’s shares are up more than 8 percent.
- The company’s repurchase program will begin on February 25 and close on March 10.
Gale India Buyback: Gale India announced Gale India long ago and today the company has approved it. Soon after approval, there was a strong jump in the company’s shares. The company’s shares gained more than 8 per cent. Explain that the company’s repurchase program will begin on February 25 and end on March 10. It is expected that the government will also participate in the program and sell its shares.
How much of Gale’s shares are up
Gale’s shares rose 8.50% as of midday 1. Shares are trading at Rs 147.80 which is the highest in 52 weeks.
How many shares does the company buy and how much is the price?
The company will buy a total of 6.97 crore shares at Rs 150 per share under the IPO. This number equals 1.55 percent of the total paid-up shares of the company. The company will buy shares worth Rs 1,046.35 crore from shareholders. Explain that the Government of India is the largest shareholder with 51.76% stake in Gale (India) Limited.
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583.6 crore to the government
The government has raised Rs 583.6 crore. 541.5 crore as dividends and return of the same amount of shares in the company’s share-buying program. The proceeds of the purchase of the shares will be equal to 2.5 percent and 2.26 percent of the company’s paid up share capital and free reserves. In the current financial budget, the government aims to raise a total of Rs 2.1 lakh crore by selling its stake in public institutions. According to the Department of Investment and Public Property Management (Deepam), investing has so far raised only Rs 28,298.26 crore.