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EIL to buy back shares worth Rs 658 crore

Press Trust of India  |  New Delhi 

Enginners Ltd today said its board has approved a buyback of over four crore equity worth Rs 658.80 crore.

In a filing, the company said the board has unanimously "approved the proposal to buyback of not exceeding 4,19,61,780 equity of the company (representing 6.23 per cent of the total number of equity in the paid-up share capital of the company) at a price of Rs 157 per equity share payable in for an aggregate consideration not exceeding Rs 658.8 crore,".

Shares of EIL closed at Rs 155.2 on the

currently holds 57.53 per cent stake in EIL.

Earlier in the day, Ltd said it will buyback shares worth Rs 1,527 crore, joining the list of PSUs that are using their idle to help meet budgetary targets.

The has so far garnered about Rs 16,000 crore through buybacks by five PSUs including and Coal It got Rs 7,519 crore when bought back shares, Rs 2,832 crore from Nalco share buyback, Rs 2,638 crore from Coal India, Rs 1,803 crore from BEL and Rs 794 crore from MOIL share buybacks.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, March 20 2017. 22:32 IST