Disinvestment booster: ONGC board clears Rs 40-bn share buyback

In a BSE filing, ONGC said that it will repurchase 1.97% stake or 25,29,55,974 equity shares at a price of Rs 159 apiece

In a boost for the government's effort to meet its disinvestment target for the current financial year, the board of state-run Oil and Natural Gas Corporation (ONGC) on Thursday approved its share buyback worth Rs 40.22 billion.

As on December 11, the government has realised Rs 340.05 billion as disinvestment proceeds against the budget estimates of Rs 800 billion in 2018-19. In a filing to the Bombay Stock Exchange (BSE), ONGC said today that it will repurchase 1.97 per cent stake or 25,29,55,974 equity shares at a price of Rs 159 per share. Last month, ONGC had reportedly approached the