The government has reduced its stake in Engineers India (EIL) to 54.17 per cent by selling some shares under the company’s buyback programme. It had 57.02 per cent in EIL prior the launch of the Rs 658.80-crore share buyback on July 25. The 4.19 crore share buyback plan at Rs 157 a piece closed on August 7.
EIL has bought 4.19 crore equity shares and extinguished them. This has resulted in its equity base shrinking to 63.19 crore shares from 67.38 crore shares previously.
The promoter holding came down from 38.42 crore shares (57.02 per cent of total) to 34.22 crore shares (54.17 per cent). Moreover, the holding of public and other institutional investors has risen from near 43 per cent to 45.83 per cent.
Engineers India is a total solutions consultancy company and EPC contractor in petroleum refining, petrochemicals, pipelines, oil and gas terminals and storages, fertilizers, mining & metallurgy and infrastructure projects.
| Company Name | CMP |
|---|---|
| Larsen & Toubro | 4094.95 |
| Rail Vikas Nigam | 303.10 |
| NCC | 161.30 |
| KEC International | 580.10 |
| Kalpataru Projects | 1232.90 |
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