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Last Updated : Nov 21, 2019 10:20 AM IST | Source: Moneycontrol.com

GE Shipping share price gains 3% on closure of buyback

The company has bought back 38,10,581 equity shares at an average market price of Rs 261.60 per equity share.

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Great Eastern Shipping Company share price gained 3 percent intraday on November 21 after the company announced the closure of buyback of shares.

The buyback committee of company announced the closure of its buyback on November 20, prior to the expiry of six months from the commencement date.

The company has bought back 38,10,581 equity shares at an average market price of Rs 261.60 per equity share.

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The company has contracted to sell its 2000 built Suezmax Crude Carrier Jag Lakshita of about 147,092 dwt.

The vessel will be delivered to the new buyer in Q3 FY 2019-20.

Including Jag Lakshita, the company's current fleet stands at 47 vessels, comprising 34 tankers, and 13 dry bulk carriers with an average of 11.98 years aggregating 3.85 mn dwt.

At 09:45 hrs Great Eastern Shipping Company was quoting at Rs 306.80, up Rs 7.55, or 2.52 percent on the BSE.

The share touched its 52-week high Rs 353.00 and 52-week low Rs 212.20 on 19 December, 2018 and 06 August, 2019, respectively.

Currently, it is trading 12.75 percent below its 52-week high and 45.15 percent above its 52-week low.

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First Published on Nov 21, 2019 10:20 am
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