Shares in Engineers India were down marginally by 1 per cent, ahead of the buyback on July 25. The shares of the company were last quoting at Rs 164.30 on the NSE. Check stock quote of Engineers India here
According to a regulatory notice by lead manager IDBI Capital Markets and Securities Ltd, EIL plans to acquire 4.19 crore shares at a price of Rs 157 through the share buyback offer.
EIL shares closed at Rs 164.95 on BSE on Friday.
"The maximum number of equity shares proposed to be bought back represents 6.23 per cent of the total number of equity shares in the issued, subscribed and paid-up equity share capital of the company," the notice said.
Engineers India is an engineering consultancy and EPC company. EIL, as it is more popularly known provides engineering consultancy and EPC services principally focused on the oil & gas and petrochemical industries. The Company has also diversified into sectors like infrastructure, water and waste management, solar & nuclear power and fertilizers to leverage its strong technical competencies and track record.
The company has had a decent track record of payment of dividends.