ONGC to buy back shares for Rs 40.22 billion

The board of the Oil and Natural Gas Corporation (ONGC) has approved a buyback of 252.9 million shares for Rs 40.22 billion as part of the government’s plan to get cash-rich public sector units to part with their surplus. The government, which holds a 65.64 per cent stake in ONGC, stands to gain about Rs 26.4 billion by tendering some of its shares in the buyback programme. The buyback of equity shares represents 1.97 per cent of the total paid-up equity shares of the company. These shares will be bought back at Rs 159 per share.