State-run hydro power generator NHPC today said it has fixed February 20 as record date for Rs 2,616.59-crore share buyback offer.
State-run hydro power generator NHPC today said it has fixed February 20 as record date for Rs 2,616.59-crore share buyback offer. The company board has approved a proposal to buy back shares not exceeding 81.13 crore representing 7.33 per cent of total shares at a price of Rs 32.25 for a consideration of Rs 2,616.59 crore.
“The company has fixed Record Date as February 20, 2017, for the purpose of Buyback of equity shares of the company,” NHPC Ltd has informed BSE
According to statement the company will determine the entitlement and names of the shareholders who are eligible to participate in the buyback and who would be sent letter of offer and tender forms for selling their shares.
The board of directors had approved the proposal for buyback of fully-paid shares from all shareholders not exceeding 10 per cent of the paid-up equity capital and free reserves as on March 31, 2016, at a meeting held on February 7, 2017.
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The promoter of the company (the central government) held 74.51 per cent while FIIs, financial institutions and banks and other public bodies have 4 per cent, 10.34 per cent and 11.15 per cent, respectively, as on February 3, 2017, the company said in a BSE filing today.
Earlier this week, NHPC had posted a 26 per cent jump in net profit at Rs 214.69 crore for the third quarter compared with Rs 170.57 crore in same period a year ago.
Shares of the company fell by 1.94 per cent to Rs 30.25 on BSE in pre-close session.