BEL board okays buy back of shares

Bengaluru: State-run Bharat Electronics Ltd (BEL) board on Friday approved the proposal to buy back around 16.64 million equity shares, representing 6.93 per cent of the paid-up capital at Rs 1,305 per share of Rs.10 face value for over Rs.2,171 crore.

In a regulatory filing to the BSE, the defence firm said the buyback does not exceed 25 per cent of the paid-up capital and free reserves and was on proportionate basis through a tender offer route in accordance with the Companies Act, 2013.

“The board noted the intention of the promoter to participate in the proposed buyback,” the company said in the filing.

The city-based company, however, did not file its financial results for first quarter to the stock exchange till Friday night though it announced on July 15 that its board would consider them on August 5.