BHEL share buyback: State-run power major BHEL has announced a share buyback programme for Rs 1,628 crore. The buyback offer will be made using the tender offer route and about 18.93 crore shares aggregating to 5.16% of the total paid equity share capital – will be bought back. We take a closer look at the key details of the massive buyback programme.
BHEL buyback: Key things to know
Buyback price
According to a statement on BSE, the buyback price has been fixed at Rs 86. BHEL shares closed at Rs 69.90 on NSE this afternoon. The buyback price implies an upside of more than 23% from today’s closing price. Notably, the share price tanked by more than 8% in today’s late afternoon trade, after the firm reported results below street estimates. BHEL’s net profit came in at Rs 185 crore in the quarter ended 30 September, compared with Rs 115 crore in the comparable period previous fiscal.
Record date
BHEL has fixed November 6, 2018, as the ‘Record Date’ for its proposed buyback programme. The Board of Directors …..fixed Tuesday, November 6, 2018, as the ‘Record Date’ to determine the entitlement and names of the eligible shareholders/ beneficial owners who are eligible to participate and to whom the Letter of Offer and Tender Form will be delivered in relation to the Buyback of equity shares of the Company,” BHEL said a statement on the exchanges.
Q2 results
Bharat Heavy Electricals Ltd posted has posted a 60% surge in second-quarter profit, missing street estimates. Net profit came in at Rs 185 crore ($25.25 million) in the quarter ended 30 September, compared with Rs 115 crore a year earlier, BHEL said. An ET Now poll had earlier anticipated the company to post a profit of Rs 236 crore in the Jul-Sep quarter.
