Further to its proposal to buy back of shares last week, Gitanjali Gems has decided to buy back upto a maximum of 1,20,00,000 equity shares of the company of Rs 10 each upto a maximum price of Rs 120 per share, aggregating to Rs 1.44 billion. The amount is less than 10 per cent of the total paid-up equity share capital and free reserves of the company, claimed the company in a filing to Bombay Stock Exchange.
The decision was taken at a board of directors meeting, the company added further. The buy back was being proposed in line with the company’s desire to enhance overall shareholder value.
The Mumbai-based Gitanjali Gems is a pioneer in branded jewellery in India and owns brands including D’Damas, Asmi, Sangini, Nakshatra and Gili.
— Shailesh Shah