The Oil and Natural Gas Corporation (ONGC) has approved a share buy back of 1.97 per cent of the total paid-up equity shares of the company. A statement to the BSE said that the ONGC Board has approved the buyback of equity shares of the company not exceeding 25,29,55,974 equity shares being 1.97 per cent of the total paid-up equity shares of the company.
The buy back price has been fixed at ₹159 a share and the aggregate consideration stood at ₹4,022 crore. This is 2.34 per cent of the aggregate of the fully paid-up equity share capital and free reserves as per the latest audited standalone accounts.
At this price, the centre can mop up around ₹2,640.04 crore from the buyback considering the 65.64 per cent shareholding in ONGC as on December 14. The buy back will be conducted on January 4, 2019, the company said.