ONGC seeks exemption from government''s share buyback request

On Wednesday, India`s Oil and Natural Gas Corp Ltd (ONGC) has sought an exemption from a government request to buy back government-held shares in the company.

ONGC seeks exemption from government''s share buyback request
India`s Oil and Natural Gas Corp Ltd (ONGC). Image Source: Reuters

India`s Oil and Natural Gas Corp Ltd (ONGC) has sought an exemption from a government request to buy back government-held shares in the company as ONGC needs the funds for its own capital expenditures, Chairman Shashi Shanker said on Wednesday.

This follows local news reports which said the government wants the ONGC to buy back a portion of its 67.45 percent stake in the company to meet its divestment target.

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Written By: Reuters
Updated: Wed, Sep 26, 2018
03:45 PM IST
New Delhi, Reuters

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