When’s the record date for the buyback of Indian Oil Corporation (IOC) and how do I apply?
Indian Oil Corporation Limited has announced a buyback of 29,76,51,006 (Twenty Nine Crore Seventy Six Lakh Fifty One thousand Six) equity shares of Rs.10/- each representing 3.06% of the total number of equity shares. The company will be buying back the shares at a price of Rs.149.
Pre-buyback shareholding pattern
|Particulars||No. of shares||% of share capital|
How do I know, how many shares the number of my shares entitled for a buyback?
This can be found on the tender form that will be sent to your registered email ID by the RTA (Registrar and Transfer agents). However, you can tender any number of shares you choose to. The approved shares will be debited from your demat and the equivalent amount will be credited to your bank account. The excess shares you had tendered will be credited back to your demat.
What is a tender form and how does it look like? Do I also have to send it to my broker?
A tender form basically shows you the number of shares you hold as on the record date and the number of shares you hold that are entitled in a buyback. In case of this issue, you don’t have to send us your tender form. Here’s a screenshot of a tender form that shows the shares you hold and the shares entitled in a buyback
When is the record date?
December 25, 2018.
Why do companies buyback shares?