Oil India to buy back 4.45% shares for Rs 10.85 bn to meet revenue targets

The government is expected to participate in each of the share buyback programme of these PSUs

State-owned Oil India Ltd will buy back 50.4 million of its shares for a little over Rs 10.85 billion as part of the government's push to cash-rich PSUs to part with their surplus either by paying higher dividends or through share buybacks so as to help meet revenue targets.

In a regulatory filing, OIL said its board has approved buyback of shares at an aggregate of no more than 10 per cent of the fully paid-up equity share capital and free reserves of the company.

The board approved "the buyback by the company of its fully paid-up equity shares of