The Great Eastern Shipping Company Limited (BSE:500620) announces a share repurchase program. Under the program, the company will repurchase shares up for total worth of INR 2,250 million. The shares will be purchased at a price not exceeding INR 333 per share.

The program will be funded out of its securities premium account and other free reserves. The purpose of the program is to to effectively utilize its resources, reduce outstanding number of Equity Shares and consequently increase earnings per share and book value per share, over the long term to improve key return ratios like return on equity capital and create long term shareholder value for continuing shareholders. The program will close within 6 months from the date of opening of the Buyback or when the company completes the Buyback by deploying the amount equivalent to the Maximum Buyback Size or at such earlier date as may be determined by the Board.

As of December 24, 2021, the company had 14,69,66,484 shares in issue.