Disinvestment: After NMDC, EIL board approves Rs 587 crore share buyback

New Delhi: After KIOCL, NTPC, HPCL and NMDC, now Engineers India Limited (EIL) has announced the share buyback. The Board of Directors of Engineers India Limited in its meeting on November 12, have approved the proposal to buyback of around 7 crore equity shares.

In an official statement, the petroleum PSU said that the board of directors of the company have approved the proposal to buyback of around 7 crore equity shares. These represent about 11.06 percent of the fully paid-up equity shares of the company. 

"EIL will buy back the shares at a price of Rs 84/- per equity share for an aggregate consideration not exceeding Rs 586.90 crore," it added.

As of September 30, the government, which is the promoter of the PSU, holds a 51.50 percent stake in the company and the rest are held by Mutual Funds, Financial Institutions and public, etc.

ALSO READ: PSU Disinvestment: Now it's NMDC's turn to announce share buyback

Engineers India Limited (EIL)

Engineers India Limited (EIL) is one of India's leading engineering consultancy and EPC companies in the areas of hydrocarbons and petrochemicals. The company has over five decades of project execution experience across the entire oil & gas value chain encompassing petroleum refining, petrochemicals, pipelines, oil & gas processing and terminals and storages. The company has also diversified into the areas of fertilizers, mining & metallurgy, infrastructure and water & waste management. EIL has successfully expanded its operations internationally and has provided a wide range of engineering consultancy services on various international projects, including in the Middle East, Africa and South & Central Asia.

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