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

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

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.

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.