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.However, the total income decreased to ₹62,419 crore as compared to ₹66,854 crore in September 2019.
"We believe that HPCL share has a lot more intrinsic value than what it is reflecting right now. HPCL has been liberal in rewarding its shareholders and buyback is one of the ways to reward our shareholders," explained MK Surana, chairman and managing director, HPCL during a media briefing while announcing the company's second quarter earnings.
HPCL ( Hindustan Petroleum Corporation Ltd ) BuyBack 2020 Offer Deal:
| Buyback Type: | Open Market offer |
| Buyback Record Date: | Nov 21 2020 |
| Buyback Offer Amount: | ₹ 2500 Crore |
| Date of Board Meeting approving the proposal: | Nov 04 2020 |
| Date of Public Announcement: | Nov 04 2020 |
| Buyback Offer Size: | 6.56% |
| Buyback Number of Shares: | 10,00,00,000 |
| Price Type: | Tender Offer |
| FV: | 10 |
| Buyback Price: | ₹ 250 Per Equity Share |
HPCL Buyback of 10,00,00,000 equity shares which is around 6.56% of all the existing number of equity shares at a price of ₹250 per equity share. The buyback offer not exceeding of ₹2500 crore of total buyback offer size.
Note: If anything you want to know about the buyback offer you can refer the HPCL buyback offer documents.
About HPCL Company
HPCL has the second largest share of product pipelines in India with a pipeline network of more than 3370 kms for transportation of petroleum products and a vast marketing network consisting of 14 Zonal offices in major cities and 133 Regional Offices facilitated by a Supply & Distribution infrastructure comprising Terminals, Pipeline networks, Aviation Service Stations, LPG Bottling Plants, Inland Relay Depots & Retail Outlets, Lube and LPG Distributorships. Consistent excellent performance has been made possible by highly motivated workforce of over 9,500 employees working all over India at its various refining and marketing locations.
How to Participate in HPCL Buyback?
3. Then on [Not Announced] the payment will be given to you for accepted shares and unaccepted shares will be returned to your demat account.
Company Contact Information:
Hindustan Petroleum Corp Ltd (HPCL)
Corporate Headquarters Office
Petroleum House, 17, Jamshedji Tata Road, Mumbai , Mumbai , Maharashtra , Mumbai , 400020. email – corphqo@hpcl.in
022 – 22863900
HPCL Buyback 2020 FAQs:
When is HPCL Buyback Record Date?
HPCL buyback 2020 record date is 21 November 2020
When is HPCL Buyback announcement Date?
HPCL buyback 2020 announcement date is 04 Nov 2020
What is HPCL Buyback Price?
The company has fixed the price at ₹250
How to apply for HPCL Buyback 2020?
As per the record date you need to have HPCL shares in your demat account. You can participate in buyback after having the stock in your account.
