Buzzing stocks: Engineers India to buyback Rs 658.80 shares from July 25
DSIJ Intelligence / 24 Jul 2017
The state-owned engineering consultancy and EPC services company Engineers India Limited (EIL) will open a share buyback worth Rs 658.80 crore on July 25, which will end on August 7, 2017.
The state-owned engineering consultancy and EPC services company Engineers India Limited (EIL) will open a share buyback worth Rs 658.80 crore on July 25, which will end on August 7, 2017.
As a regulatory notice by lead manager IDBI Capital Markets and Securities stated, EIL is planning to acquire about 4.19 crore shares through share buyback offer at a price of Rs 157. The stock closed at Rs 164.95 on the bourses on July 21. The scrip opened at Rs 164.40 on Monday, July 24.
According to the notice, the proposed amount of shares agreed upon for the buyback comprise of 6.23 per cent of the total equity shares in the issued, subscribed and paid-up equity share capital.
The notice also stated that the buyback by the company will be funded by the internally generated cash by the company.
In a bid to meet its disinvestment target, the government has been promoting PSUs to opt for share buyback. The government owns about 57.02 per cent stake in EIL.
EIL’s share buyback proposal was approved by the company’s board of directors through postal ballot on March 20, 2017.
The stock was down by nearly one per cent at Rs 163.50 in the early trading hours, with a trade volume of 52,567.
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