Oil and Natural Gas Corporation (ONGC) has received an approval for the buyback of equity shares of the Company not exceeding 25,29,55,974 equity shares being 1.97% of the total paid-up equity shares of the company at the price of Rs 159 per equity share payable in cash for an aggregate consideration not exceeding Rs 4022 crore which is 2.34% of the aggregate of the fully paid-up equity share capital and free reserves as per the latest audited standalone accounts of the Company for the financial year ended March 31, 2018 from all equity shareholders of the company, as on record date, on a proportionate basis through a ‘Tender Offer’ route in accordance with the provisions contained in the Companies Act, 2013 and rules made thereunder, the Securities and Exchange Board of India (Buy-Back of Securities) Regulations 2018 subject to all other applicable statutory approvals.
The Board of Directors of the Company at their meeting held on December 20, 2018, approved the same.
ONGC is India’s largest government-run corporation and produces about 70% of India’s crude oil and natural gas. The corporation is the biggest public sector commercial organization in India.
| Company Name | CMP |
|---|---|
| ONGC | 265.60 |
| Oil India | 490.30 |
| Jindal Drilling&Inds | 632.15 |
| Deep Industries | 519.30 |
| Asian Energy Service | 373.90 |
| View more.. | |
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