Indian state-owned engineering and manufacturing company Bharat Heavy Electricals (BHEL) announced a buyback of its 189.3 million equity shares, nearly 5.16 percent of the paid up equity share capital, at $1.17 apiece, amounting to 16.28 billion rupees ($221.8 million).
The buyback price is at around 28 percent premium to the current market price of $0.91 on the Bombay Stock Exchange.
The company said that the buyback offer is a significant premium to the current market price.
Bhel’s total receivables in the second quarter of 2019 have gone up to $5.3 million, of which, receivables for the current quarter alone stood at in $2.8 billion in 218 days.