ONGC board approves Rs 4,022 crore share buyback; key things to know

The board of Oil and Natural Gas Corp (ONGC) on Thursday approved buyback of 25.29 crore shares for Rs 4,022 crore. The board approved buyback of 1.97 per cent of equity shares for Rs 159 apiece, ONGC said in an exchange filing.

“Buyback of equity shares of the Company not exceeding 25,29,55,974 equity shares being 1.97% of the total paid-up equity shares of the Company at the price of Rs 159 (Rupees one hundred  and fifty-nine only) per equity share payable in cash for an aggregate consideration not exceeding Rs 4022 Crore (Rupees four thousand and twenty-two crore only) which is 2.34% of the aggregate of the fully paid-up equity share capital,” ONGC said in the regulatory filing.

Earlier last week, Indian Oil Corporation (IOC) had said that it will buy back 29.76 crore shares for nearly Rs 4,435 crore and spend another Rs 6,556 crore on paying an interim dividend to shareholders. In addition, the central government plans to raise at least Rs 5,000 crore through share buyback offers of public companies such as Coal India, BHEL and Oil India.

Oil India had also announced a buyback of 5.04 crore of its share for a little over Rs 1,085 crore. So far, the government has raised nearly Rs 15,000 crore through minority sale in public sector units out of the Rs 80,000 crore disinvestment target.

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