Business

Share buyback plan gets IOC board nod

It would be bought at ₹149 per share

The board of Indian Oil Corporation (IOC), on Thursday, approved a proposal to buy back shares.

The public sector oil company plans to buy back 29.76 crore shares, representing 3.06% of the equity capital.

It will buy back these shares at ₹149 a piece involving a total outgo of ₹4,435 crore. The offer will be made through the tender route.

The company would come out with a public announcement setting out the process, timeline and other requisite details on the buy back proposal in due course in accordance with the buyback regulations, said IOC in a regulatory filing.

The board, in the meanwhile, also declared an interim dividend of 67.5% or ₹6.75 per equity share for the financial year 2018-19. The dividend will be paid by December 31. It has fixed December 25 as the record date for the same.

Shares of the IOC gained ₹0.75 to close at ₹137.20 on the BSE on Thursday.

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Printable version | Apr 7, 2020 4:56:27 PM | https://www.thehindu.com/business/share-buyback-plan-gets-ioc-board-nod/article25735708.ece

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