ONGC board approves Rs 40 billion buyback at Rs 159 apiece; shares end flat

The company has fixed January 4, 2019 as the record date for determining eligible shareholders who can participate in the buyback.

The board of India's biggest gas explorer Oil and Natural Gas (ONGC) on Thursday approved the share buyback of 253 million shares worth Rs 40.22 billion at Rs 159/share, which is around 7 per cent premium to the current market price of Rs 149. 

The company has fixed January 4, 2019 as the record date for determining the entitlement and the names of the shareholders/ beneficial owners to whom the letter of offer will be sent and will be eligible to participate in the buyback.

Earlier, the state-run fuel retailer, Indian Oil Corporation (IOCL), on December 13, announced the buyback of up to 297.6 million equity shares, or 3.06 per cent of share capital, at Rs 149 per share aggregating to Rs 44.35 billion. It has fixed December 25 as the record date for the purpose of ascertaining the eligibility of shareholders for the buyback. 

At 03:25 pm, shares of ONGC were flat at Rs 148.45 apiece on BSE while those of IOCL was trading over 1 per cent higher at Rs 148.