HPCL announces ₹2,500-cr share buyback at ₹250 per share

The board of Hindustan Petroleum Corp Ltd (HPCL) on Wednesday approved share buyback worth ₹2,500 crore.

The board has approved proposal to buyback 10 crore shares, which represents 6.56% equity share, at ₹250 per share.

The buyback price is at premium of 34% to HPCL stocks’ closing price on 4 November.

On Wednesday, HPCL’s scrip on NSE closed 0.83% higher at ₹187.20.

HPCL’s standalone net profit more than doubled during the September quarter at ₹2,477 crore as against ₹1,052 crore a year ago.