Engineers India Ltd seeks third call for equity shares of NRL worth Rs 34.8 crore

The Board of Directors of Engineers India Limited in its Meeting held on 24th August 2023, has decided to offer the subscription of a third Call for 1,25,73,627 Equity shares towards the Right Issue Offer of NRL, as per the exchange filing. This acquisition has been offered for subscription before 7 December 2024.

Numaligarh Refinery Limited (NRL), an Indian company primarily engaged in the business of refining petroleum products has revenue of Rs. 23,731 Cr. in FY 23-24. The purpose of the acquisition of equity shares is for the business diversification into downstream Oil & Gas operations.

The total consideration of the rights issue is Rs 138.31 crore. The third call of the subscription amounts to Rs 34.8 crore. The subscription would be made on or before 7th December 2024. The shareholding stand of the company in Numaligarh Refinery Ltd is standing at 4.37%.

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