IOC says no plan for share buyback as of now

New Delhi: State-owned Indian Oil Corporation NSE -0.51 % (IOC), India’s top oil company, has no plans to buyback shares as of now but will consider if there is a mandate, its Director (Finance) Sandeep Kumar Gupta said on Monday. Chasing a record Rs 2.1 lakh crore target from disinvestment proceeds, the government has asked over half a dozen cash-rich PSUs to repurchase shares to help shore up its finances amid the coronavirus pandemic.

On a conference call with analysts and investors, Gupta said the company hasn’t been asked by the government, its majority owner, to do a buyback.