State-run hydro power giant NHPC's board has approved buyback of 214.2-million equity shares at Rs 28 apiece, aggregating Rs 6 billion.
The board approves the buyback by the company of its fully paid-up equity shares of Rs 10 each not exceeding 21,42,85,714 equity shares (representing 2.09 per cent of the total number of equity shares in the paid-up share capital of the company) at a price of Rs 28 per equity share payable in cash for an aggregate consideration not exceeding Rs 599,99,99,992, a BSE filing said.
According to the statement, the board has fixed November 30 as the record date for the purpose of determining the entitlement and the names of the shareholders, who are eligible to participate in the buyback.
On Wednesday, NHPC posted a 19.62 per cent jump in its net profit at Rs 12.18 billion in the quarter ended September 30, 2018, compared to Rs 10.18 billion a year ago.
Its total revenue rose to Rs 29.66 billion in the second quarter from Rs 24.90 billion a year ago.
The company in its Annual General Meeting held on September 27, 2018 has approved final dividend of Rs 0.28 per equity share (face value of Rs 10 each) which is in addition to the interim dividend of Rs 1.12 per equity share paid in 2017-18 totalling to Rs 1.40 per equity share for 2017 -18.
The NHPC share price was down 3.87 per cent at Rs 26.05 per piece on BSE closing on Thursday.