News Details

( 20 Dec 2018)
ONGC - Buyback

Oil & Natural Gas Corporation Limited has informed the Exchange that the Board of Directors of the Company at its meeting held on December 20 , 2018 has, inter-alia approved the following: 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 (Rupees one hundred and fifty-nine only) per equity share payable in cash for an aggregate consideration not exceeding Rs 4022 Crore (Rupees four thousand and twenty-two crore only) 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 thererunder, the Securities and Exchange Board of India (Buy-Back of Securities) Regulations 2018 subject to all other applicable statutory approvals.