The board of Enginners India Ltd has provided its approval for a buyback of over four crore equity shares worth Rs 658.80 crore.

The company has said in a BSE filing that the board has unanimously “approved the proposal to buyback of not exceeding 4,19,61,780 equity shares of the company (representing 6.23 percent of the total number of equity shares in the paid-up share capital of the company) at a price of Rs 157 per equity share payable in cash for an aggregate consideration not exceeding Rs 658.8 crore.”

At present, the government holds 57.53 percent stake in EIL.

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