Gandhi Special Tubes has received its board approval for share buyback at a price of Rs 500 per share through tender offer. The company to undertake a buyback of up to 880,000 equity shares of Rs 5 each aggregating up to 5.99% of the total paid up capital of the company at a price of Rs 500 per share, on proportionate basis through tender offer.
The promoters have the option to participate in the buyback. Currently, the promoters held 73.27% stake in Gandhi Special Tubes. Individual public shareholders held 18.6% holding, followed by foreign portfolio investors (3.53%), bodies corporate (2.26%) and non-residential Indians (1.27%).
