MOIL gains on share buyback plan

MOIL has surged 9% to Rs 243 on the National Stock Exchange (NSE) in early morning trade after the company announced that the board will meet on June 7, to consider buyback of equity shares.

“A meeting of the board of directors of the company will be held on June 07, 2016, to consider the proposal for buyback of the fully paid-up equity shares of the company,” MOIL said in a statement.

As of March 2016, the government held 80% stake in MOIL. Individual shareholders held 8.23% stake in the company, followed by financial institutions/banks (3.38%), MFS International New Discovery Fund (2.5%), the shareholding pattern data shows.

At 09:17 AM, the stock was up 7% at Rs 236 on the NSE. A combined 137,844 shares changed hands on the BSE and NSE so far.


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