The Great Eastern Shipping Company shares gained more than 3 per cent in trade as the company announced a buyback programme.
The stock opened with a gain of 2.2 per cent at ₹1,324.90 and extended gains to make an intraday high of ₹1,363.
As of 11:30 AM, GE Shipping shares pared some gains to trade 2 per cent higher at ₹1,341.70.
According to an exchange filing dated August 27, the board has considered and approved the proposal for buyback of fully paid-up equity shares of the company having a face value of ₹10 each from all shareholders/ beneficial owners of the equity shares (other than the promoters and shareholders belonging to the promoter group), through the open market route.
The filing added that shares will be repurchased at a price not exceeding ₹1,530 per equity share (maximum buyback price), payable in cash, for an aggregate amount not exceeding ₹900,00,00,000 (₹900 crore).
If shares are bought back at a price below the maximum buyback price, the actual number of shares bought back could exceed the indicative maximum buyback shares. The maximum buyback size represents 7.19 per cent and 6.34 per cent of the aggregate of the company’s fully paid-up equity share capital.
The company shall utilise at least 75 per cent of the maximum buyback size, i.e., ₹675,00,00,000 for the buyback and based on the minimum buyback size and the maximum buyback price, the company will purchase an indicative minimum of 44,11,764 shares. GE Shipping, which is primarily engaged in the shipping and offshore exploration and production services industries, has climbed 20 per cent in 2026 so far, compared with a decline of nearly 8 per cent in the Nifty 50 index. In one year, the stock has surged 43 per cent versus 1.7 per cent fall in the Nifty index.
