For Quick Alerts
For Daily Alerts

Oil India To Buyback 5 Crore Equity Shares


Oil India Ltd will buyback a total of 5.04 crore equity shares for a capital of over R. 1,085 crore as a government of India push for PSUs to part away with their surplus either by buybacks or paying dividends.

Oil India To Buyback 5 Crore Equity Shares

In a regulatory filing, OIL said its board had approved buyback of shares at an aggregate of no more than 10% of the fully paid-up equity share capital and free reserves of the company.

The board approved "the buyback by the company of its fully paid-up equity shares of Rs 10 each not exceeding 5.05 crore equity shares (representing about 4.45% of the total number of equity shares in the paid-up share capital of the company) at a price of Rs 215 per equity share payable in cash for an aggregate consideration not exceeding Rs 1,085.72 crore," it said.

The company's surplus reserves amount to less than Rs. 20,000 crore. On Thursday, the scrip of OIL closed at Rs. 218.78 on the BSE. While it was a trading holiday on Friday due to Guru Nanak Jayanti.

Of the total divestment target, through the buybacks of PSU firms, the government target a total mop-up of some Rs. 5,000 crore.

Read more about: oil india buyback
Story first published: Saturday, November 24, 2018, 8:58 [IST]
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more