The shares of Goldiam International (Goldiam), an apparels and accessories firm, spurted around 16 per cent, touching a new 52-week high to Rs 5803 on the BSE in the intraday trade on Wednesday, amid the buyback news. The scrip breached its earlier high of Rs 534 apiece, hit on July 6, 2021.

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Goldiam in its filing to exchanges said, “A meeting of the board of directors of the company will be held on Wednesday, July 21, 2021, to inter alia, consider a proposal for buyback of equity shares of the company.”

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The stock on Wednesday closed nearly 12 per cent higher to Rs 562 per share, as compared to a 0.37 per cent rise in the S&P BSE Sensex. The scrip in the one last year has zoomed 435 per cent as compared to a 44 per cent rally in the S&P BSE Sensex.

Goldiam is a reputable integrated manufacturer and supplier of impeccable diamond jewellery to leading retailers and wholesalers in the USA and Europe. 

The promoters held a 66.27 per cent stake in the company while individual shareholders, including an ace investor Ramesh Damani (1.57 per cent), held a 28.46 per cent stake as of March 31, 2021,  according to the shareholding pattern data on BSE shows. 

The company has an order book size of Rs 200 crore of which lab‐grown diamonds constitute 10 per cent, Goldiam said during its March quarter results, further adding that this order book is expected to be executed over the next 4‐6 months.