Great Offshore Board approves Buy Back

The Board of Directors of Great Offshore Ltd has approved the buy back of the Company's equity shares at a price not exceeding Rs 750/- per equity share, and up to an aggregate amount of Rs 55.24 Crore, which doesn't exceed 10% of the total paid-up capital and free reserves, as per the audited Balance Sheet, as at March 31, 2007.

The Company proposes to buy back shares on the BSE and NSE, through open market purchases, from time to time. The number of equity shares to be bought back would depend upon the average price paid for the equity shares bought back and the aggregate consideration paid for such equity shares. The share buy back will be made from the cash and bank balance of the Company.

The maximum price is at a premium of 17% over the closing price of the Company's share, as on March 31, 2008. The buy back is proposed to improve the earnings per equity share, improvement of return on net worth, financial ratios and other performance criteria of the Company.