ONGC board approves buyback of 252.9 million shares for Rs 40.22 billion

In a regulatory filing, ONGC board approved buyback of 1.97 per cent of equity shares for Rs 159 apiece

The board of Oil and Natural Gas Corp (ONGC) on Thursday approved buyback of 252.9 million shares for Rs 40.22 billion.

The state-owned company, in a regulatory filing, said its board had approved buyback of 1.97 per cent of equity shares for Rs 159 apiece.

The government seeks to Rs 50 billion through share buyback offers of state-owned firms like Coal India, BHEL and Oil India Ltd. The Indian Oil Corp (IOC) last week said it will buy back 297.6 million crore shares for about Rs 44.35 billion and spend another Rs 65.56 billion on paying an interim dividend to