Engineers India will buy 100% paid up share capital of Projects and Development India Ltd (PDIL) from President of India, acting through the Ministry of Chemicals and Fertilizers. Reacting to this, shares of company were trading 1% up on Friday.
The decision over acquisition has been taken by the company’s board of directors in a meeting held on September 13, the company said in a press note on Thursday.
The board has also given an approval of bidding for the same by way of share acquisition route. "Other details cannot be disclosed due to confidentiality of the matter," the company added.
Meanwhile, financial markets in India were closed on Thursday due to Ganesh Chaturthi Holiday.
Engineers India’s share price is currently at Rs126, up by Rs1.25 or 1% from its previous closing of Rs124.75 on the BSE.
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