In a major buy back of shares, Goldiam International has announced that it will invest Rs.93.75 million ($2.3 million) in purchasing back 1.486 million of its shares from its shareholders on May 7, as intimated to the Bombay Stock Exchange (BSE). The number of shares amount to 5.5 percent of the aggregate of Goldiam’s total paid-up equity share capital and free reserves.

The shares which Goldiam intends to buy back are fully paid-up equity shares of face value Rs.10 each on the BSE and the National Stock Exchange of India Ltd. Goldiam will pay a maximum of Rs.85, a 52 percent premium to the closing price on April 21. The offer closes on December 31, the company said.