GE Shipping Promoters’ Stake Up To 24.5%

Mumbai, July 25: | Updated: Jul 26 2002, 05:30am hrs
The promoters’ stake in Great Eastern Shipping Company Ltd (GE Shipping) has gone up by 148 basis points (bps) to 24.5 per cent on the closure of its second buy-back on Thursday.

As per the annual report, the promoter’s stake as on March 31, 2002 was 23.02 per cent.

As 12 months have elapsed from the date of passing the resolution at the last annual general meeting (AGM), the company’s buy-back programme stands closed with effect from July 25, 2002, GE Shipping executive chairman KM Sheth said at the company’s annual general meeting on Thursday.

The company had bought back 2,55,94,169 equity shares for an aggregate sum of Rs 72.35 crore, thus reducing its paid-up equity to Rs 191.14 crore.

The shareholders of GE Shipping had approved a sum of Rs 100 crore for the second buy-back prior to which the company had completed its first buy-back at an approved sum of Rs 150 crore.

Mr Sheth was non-commital to comment on the third buy-back from the company till the outcome of the Shipping Corporation of India (SCI) disinvestment. GE Shipping, along with Essar Shipping, Sterlite and Videocon have been shortlisted as qualified interested parties for participating in the bidding process.