(IIFL)
The Navratna public-sector undertaking of the government of India under the Ministry of Petroleum and Natural Gas, Engineers India Limited has received approval from its board of directors for buyback of 4.97 crore equity shares.The Navratna public-sector undertaking of the government of India under the Ministry of Petroleum and Natural Gas, Engineers India Limited has received approval from its board of directors for buyback of 4.97 crore equity shares.
The shares represent 6.23% of the total equity share of the company. The buyback price has been fixed at Rs 157 per equity share for a total aggregate of Rs 658.80 crore.
However, the stock of the Company dipped by 3% in Tuesday’s pre-noon session. The stock in a period of one year has delivered over 80% returns, outperforming the BSE Mid-cap and Nifty Infrastructure indices over the same time span. Engineers India Limited (EIL) is an engineering, procurement, engineering consultancy and construction (EPC) company in the petrochemicals and hydrocarbons industry.
