HPCL to take open market route for Rs 2,500-crore buyback

New Delhi / Mumbai: Hindustan Petroleum (HPCL NSE 7.28 %) Wednesday announced a Rs 2,500-crore share buyback programme in a first such plan by a state-run company that would not involve the participation of the fuel retailer’s parent company ONGC.

The company’s board approved the plan to repurchase shares from the open market at a maximum price of Rs 250 apiece, which is 34 per cent higher than Wednesday’s closing price of Rs 186.75.