Oil India rose 0.82% to Rs 202.70 at 13:48 IST on BSE after the company said its board approved the proposal to buyback 5.04 crore shares at Rs 215 each.
The announcement was made after market hours yesterday, 19 November 2018.Meanwhile, the S&P BSE Sensex was down 198.99 points, or 0.56% to 35,575.89.
On the BSE, 1.38 lakh shares were traded in the counter so far compared with average daily volumes of 59,000 shares in the past two weeks. The stock had hit a high of Rs 204.45 and a low of Rs 200.05 so far during the day. The stock hit a 52-week high of Rs 259.36 on 12 January 2018. The stock hit a 52-week low of Rs 180.15 on 5 October 2018.
Oil India announced that its board approved the proposal to buyback 5.04 crore shares of the company (representing approximately 4.45% of the paid-up share capital of the company) at Rs 215 per equity share, payable in cash for an aggregate consideration not exceeding Rs 1085.72 crore, which is not exceeding 10% of the aggregate of the fully paid-up equity share capital and free reserves as per the audited standalone accounts of the company for the financial year ended 31 March 2018. The company has set 3 December 2018 as the record date for determining the entitlement and name of security holders eligible to participate in the buyback offer.
As on 30 September 2018, the Government of India held 66.13% stake in Oil India.
Further, the Oil India board also approved issuing debt securities for the aggregate principal amount not exceeding Rs 4000 crore or equivalent amount in foreign currency.
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Net profit of Oil India rose 33.44% to Rs 862.01 crore on 51.33% rise in net sales to Rs 3743.58 crore in Q2 September 2018 over Q2 September 2017.
Oil India is a premier Indian national oil company engaged in the business of exploration, development and production of crude oil and natural gas, transportation of crude oil and production of LPG. OIL also provides various E&P related services and holds 26% equity in Numaligarh Refinery.
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