New Delhi: State-owned power equipment maker BHEL on Wednesday said its share buyback offer worth Rs1,628 crore would open on 13 December.

The offer to buy 18.93 crore equity shares representing 5.16% paid-up equity share capital of the company will close on 27 December, the company said in a BSE filing.

The buyback would be done through the tender offer route, it added. The price has been fixed at Rs86 per equity share of face value Rs2 each.

The board approved the offer on 25 October and made public announcement in this regard on 26 October.

Bharat Heavy Electricals Ltd (BHEL) had fixed 6 November as the record date to determine the entitlement and names of the eligible shareholders who can participate in the buyback.

The company’s shares closed at Rs66.40 per piece on Wednesday, down 5.75%, on the BSE.

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