For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    ONGC Board Approves Share Buyback Plan

    |

    ONGC on Thursday said that its board of directors has approved the share buyback plan of 252,955,974 equity shares, or 1.97 percent of its total shares.

    ONGC Board Approves Share Buyback Plan
     

    At the rate Rs 159 per share it would cost an aggregate of Rs 4,022 crore. The state-run refinery has set 4 January 2019 as the record date. 

    Shares of ONGC rose as much as 0.4 percent to Rs 148.80 a piece after the share buyback plan was approved.

    Share buyback is repurchasing of shares issued by the company. The government has been pushing public sector undertakings for a share buyback or higher dividend payment to achieve its fiscal deficit target of 3.3 percent for 2018-19. The government is expected to garner Rs 2,714 crore from the share buyback. It is expected to raise Rs 5,000 crore from such buyback offers of state-owned companies like BHEL, Coal India and Oil India.

    The Department of Investment and Public Asset Management (DIPAM) has set a target for the government to raise Rs 80,000 crore stake sales in PSUs. Cash-rich PSUs, that is those having a net worth of at least Rs 2,000 crore and a cash balance of more than Rs 1,000 crore have to mandatorily go in for share buyback. The government has raised a little over Rs 15,000 crore so far.

    Read more about: ongc
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    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