CG Raises Rs 310 Crore by Buy Back of EIL shares

CG Raises Rs 310 Crore by Buy Back of EIL shares

The Central government has raised Rs 310 crore by tendering its shares in the buyback programme undertaken by Engineers India Ltd (EIL).

Department of Investment and Public Asset Management (DIPAM) Secretary Tuhin Kanta Pandey has tweeted, “Engineers India buyback of shares fully subscribed. Government received Rs 310 crore out of total buyback size of Rs 587 crore,”

He said the government’s stake in EIL is at 51.32 per cent. For the current financial year ending March, the government expects to raise Rs 32,000 crore through disinvestment. However, the earlier target was to raise a record Rs 2.1 lakh crore through divestment.

Shares of Engineers India closed 2.6 per cent lower at Rs 71.30 on the National Stock Exchange on 16th February, 2021.

Source: – Govt raises Rs 310 cr by tendering shares in EIL buy back: DIPAM Secy

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