Indian Oil Corporation (IOC) is all set to buy back 29760 crores shares for around Rs 4435 crore, as the government is looking to meet budget deficit for FY 2018-2019. The company will also pay Rs 6556 crore as interim dividend to shareholders.
Buyback will be on 8.6% premium at a price of 149 per share. The government holding 54.06% of share is also expected to participate in share buyback.
Government is targeting to fetch Rs 5,000 crore from buyback of shares through state owned firms line Coal India, BHEL and Oil India.
IOC is the largest enterprise in the country and the foremost ranked Fortune Global 500 Company in India and has presence in the complete hydrocarbon value chain from downstream refining & marketing, pipeline transportation, Petrochemicals, E&P and Gas Marketing.
Company Name | CMP |
---|---|
Reliance Industries | 3006.00 |
Indian Oil Corp. | 175.65 |
BPCL | 668.95 |
HPCL | 581.95 |
MRPL | 212.45 |
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