ONGC announces Rs. 4,022 crore buyback

The board of oil explorer ONGC has approved a share buyback program for approximately 25 crore equity shares of the company at Rs. 159 per share. This is the company's first-ever share buyback program.

The program is for an aggregate consideration of Rs. 4,022 crore and will be held on a proportionate basis through a Tender Offer route in accordance with SEBI's regulation and is subjected to statutory approvals. The buyback is for 25,29,55,974 equity shares of ONGC, which constitutes 1.97 per cent of total paid-up equity shares of the company. The record date for the buyback is fixed for Friday, January 4. 

However, in the company's filing to the exchange there was no mention of the much-awaited listing of ONGC Videsh, its overseas investment arm.

On Thursday, the stock of ONGC traded volatile. The stock opened at Rs. 148.25 per share and hit a intraday high of Rs. 150.80 and a intraday low of Rs. 147.50 per share. The stock closed at Rs. 148.65, up by 0.13 per cent. Nifty Energy index was down by 0.26 per cent, while Nifty50 was at 10,951.70, down by 15.60 or 0.14 per cent. Oil marketing companies HPCL, BPCL and IOC were trading in the green up 3.45, 2.42, 1.40 per cent, respectively.