Gitanjali Gems board approves buy-back.

>> Monday, December 22, 2008

Gitanjali Gems, an India based integrated jewelry manufacturer and retailer on Monday, December 22, announced a buy-back plan of its shares. The board of directors of the company has accorded it`s consent in the aforesaid matter.

The board has approved a buy-back of upto 1.2 million equity shares of the company of Rs 10 each upto maximum price of Rs 120 a share aggregating to Rs 1.44 billion which is less than 10% of the total paid-up equity share capital and free reserves of the company.

The Stock will not directly benefit but the current holders of this stock can actually try out their luck and sell off this stock at Rs 120 in buy back.

Maximum upside one can expect in this counter is Rs 100