Key Developments: Graviss Hospitality Ltd (GRSS.BO)

GRSS.BO on Bombay Stock Exchange

16 Sep 2014
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Rs0.80 (+5.00%)
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Latest Key Developments (Source: Significant Developments)

Graviss Hospitality Ltd's Board Approves Buy-Back Of Equity Shares
Sunday, 6 Jan 2013 09:57pm EST 

Graviss Hospitality Ltd announced that the Board of Directors of the Company at its meeting held on January 05, 2013, have unanimously approved the proposal for buy back through tender offer of approximately 15.925 million fully paid Equity Shares of INR2 each from the minority shareholders at a price of INR27 per share payable in cash upto an aggregate amount of INR430 million, being under 25% of the paid-up equity share capital plus free reserves as per the audited accounts of the Company for the financial year ended March 31, 2012. The buy back price of INR27 per Equity Share, payable in cash, is at a premium of about 35% to the closing price of the Equity Shares of the Company traded on the BSE on January 4, 2013, the last trading day preceding the date of the meeting of Board of Directors. The methodology proposed in the proposed Buy Back is the Tender Offer route.  Full Article

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