Mumbai: Hindustan Petroleum Corporation Limited (HPCL), the oil refining and marketing company has announced a buyback of stocks.
In a filing to the exchanges, the company said that its board had approved the buyback of Rs 2,500 crores.
With this, HPCL will be buying upto 10 crore shares, representing 6.56 per cent of paid-up equity capital of the company, at Rs 250 per share.
The value of the buyback is at a premium of 33.88 percent over the price that the stock closed on Wednesday on the Bombay Stock Exchange.
Through the buyback, HPCL's minority shares holders could hope to get rewarded. The details of the buyback will be finalised by the company in next two days.
The company's board also approved HPCL's second quarter numbers. As per these, it posted 290 per cent year-on-year rise in net profit at Rs 2,975.83 crore during the July-September quarter.
The Q2 total income of the company declined 6.59 per cent YoY to Rs 62,439.86 crore.
Stocks of Hindustan Petroleum Corporation Limited on Wednesday traded at a 0.54 percent intra-day gain, settling at Rs 186.75 per share on the Bombay Stock Exchange. Nearly 2.90 lakh shares changed hands on the exchange after end of trading hours.
HPCL's 52 week high and low were reported at Rs 322.80 (5 Nov 2019) and Rs 155 (13 March 2020).