Engineers India has announced the record date for carrying out share buyback plan of Rs587 crore.
The shareholders of the Company have approved the Buyback by special resolution through postal ballot by remote e-voting process.
About Company
The government of India holds a 51.50 percent stake in the firm that provides engineering consultancy for projects.
The government has asked at least eight state-run companies to consider share buybacks as it scours for ways of raising funds to rein in its fiscal deficit.
The firms asked to consider share buybacks include miner Coal India, power utility NTPC, and minerals producer NMDC.
Record Date
The company has set January 01, 2021, as the record date for determining the entitlement and the names of the Eligible Shareholders/ Beneficial Owners to whom the letter of offer will be sent and will be eligible to participate in the buyback.
Total Shares to Buyback
The company had announced a buyback of up to 6,98,69,047 equity shares having a face value of Rs5 each.
Total Per cent of Buyback
These shares represent about 11.06% of the total number of equity shares in the paid-up share capital of the Company from the shareholders.
Voting Parameters
Of the 63.19 crore shares, 47.8 crore or 75.6 percent voted on the resolution. Of these, 47.78 crore or 99.96 percent voted in favour, the company said. EIL said it will buy back 6.98 crore or 11.06 percent of the fully paid-up equity shares at a price of Rs 84 apiece.
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