NEW DELHI, Jan 5: State-owned Indian Oil Corporation (IOC) tonight put-off the decision to buyback its shares, saying a final decision was likely by the month end. ``We (IOC board) have discussed, deliberated and worked out a few options on buyback and it would be too premature to comment on these issues. Hopefully a decision is likely to be taken by month end,'' IOC chairman and managing director M A Pathan said after the two-hour board meeting.IOC is the second oil PSU after Oil and Natural Gas Corporation (ONGC) to postpone its decision on buyback. ONGC decided to postpone the decision last week.
``At the moment no final decision has been taken, we have to evaluate our capacity, projects in hand, their expansion and to what extent IOC is able to buy back its shares,'' Pathan said.
The chairman said the IOC board needs to work out more details before taking any final decision. The government had proposed to raise about Rs 2,500 crore through buyback of shares from the three oil PSUs -- IOC, ONGC andGas Authority of India Ltd (GAIL). The GAIL board is likely to meet tomorrow to take a decision on buyback of its shares.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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