EIL to buy back shares worth Rs 658 crore

Enginners India Ltd today said its board has approved a buyback of over four crore equity shares worth Rs 658.80 crore.
In a BSE filing, the company said the board has unanimously "approved the proposal to buyback of not exceeding 4,19,61,780 equity shares of the company (representing 6.23 per cent of the total number of equity shares in the paid-up share capital of the company) at a price of Rs 157 per equity share payable in cash for an aggregate consideration not exceeding Rs 658.8 crore,".
Shares of EIL closed at Rs 155.2 on the BSE.
Government currently holds 57.53 per cent stake in EIL.

Earlier in the day, Oil India Ltd said it will buyback shares worth Rs 1,527 crore, joining the list of PSUs that are using their idle cash to help government meet budgetary targets.
The government has so far garnered about Rs 16,000 crore through buybacks by five PSUs including NMDC and Coal India. It got Rs 7,519 crore when NMDC 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.