Indian Oil Corporation Ltd shares surge to 3.10%
Shares of Indian Oil Corporation Ltd surge to 3.10% after India’s largest oil firm on Thursday said its board of directors approved the buyback of 29.76 crore equity shares of the company for INR 4435 crore.
The government, which holds a 54.06% stake in the company, is expected to participate in the share buyback. The government is targeting a minimum INR 5000 crore through share buyback offers of state-owned firms such as BHEL, Coal India and Oil India Ltd.
Indian Oil Corporation Ltd shares surge to 3.10% <