The offer to buy 18.93 crore equity shares representing 5.16 per cent paid-up equity share capital of the company will close on December 27, 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 Rs 86 per equity share of face value Rs 2 each.
The board approved the offer on October 25 and made public announcement in this regard on October 26.
Bharat Heavy Electricals Ltd (BHEL) had fixed November 6 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 Rs 66.40 per piece Wednesday, down 5.75 per cent, on the BSE.