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BEL to buy back Rs 2,171 cr worth shares

Staff Reporter, New Delhi
06/08/2017   0 Comments

Defence PSU Bharat Electronics today announced that it is planning to buy back equity shares worth Rs 2,171 crore, a part of which will accrue to the government.
The board has approved a proposal to buy back Rs 1.66 crore shares at a price of Rs 1,305 apiece, for over Rs 2,171.15 crore, which is not exceeding 25 per cent of the aggregate of the fully paid-up share capital and free reserves, BEL said in a filing to the BSE.
Government holds 75.02 per cent stake in BEL.
However, it also added that the buy back would happen on a proportionate basis through a tender offer route in accordance with the Companies Act, 2013, it added.


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