Industry

ONGC board clears share buyback

The board of state-owned Oil and Natural Gas Corp. (ONGC) on Thursday approved a buyback of 25.29 crore shares worth ₹4,022 crore as part of the government plan to get cash-rich PSUs to part with their surplus. The government holds 65.64% stake in the company.

In a regulatory filing, ONGC said its board had approved “buyback of equity shares of the company not exceeding 25.29 crore being 1.97% of the total paid-up equity shares of the company at the price of ₹159 per equity share payable i0n cash for an aggregate consideration not exceeding ₹4,022 crore.”

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Printable version | Apr 2, 2020 5:26:07 AM | https://www.thehindu.com/business/Industry/ongc-board-clears-share-buyback/article25791825.ece

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