IOC will buy back 29.76 crore shares at Rs 149 apiece

New Delhi: Indian Oil Corp (IOC) on Thursday said its board had approved the buyback of 3.06% of equity shares for Rs 4,435 crore.

IOC will buy back 29.76 crore shares at Rs 149 apiece, the company said in a regulatory filing.

The company board also recommended an interim dividend of 67.5% (Rs 6.75 per share) for 2018-19.

IOC said last month aims to lift full volumes under its 2018/19 annual contract with Iran.

The company has a deal to buy 180,000 barrels per day (bpd)Iranian oil this fiscal year.

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