India govt asks at least 8 state-run cos to consider buybacks - sources

Credit: REUTERS/FRANCIS MASCARENHAS

Indian government has asked at least eight state-run companies to consider share buybacks in the current fiscal year that runs through March, 2021, two government officials said.

NEW DELHI, Oct 19 (Reuters) - Indian government has asked at least eight state-run companies to consider share buybacks in the current fiscal year that runs through March, 2021, two government officials said.

The eight companies that have been asked to consider share buy backs include Coal India COAL.NS, NTPC NTPC.NS, NMDC NMDC.NS and Engineers India Ltd ENGI.NS, one of the government sources, who did not want to named, said.

"Buyback is an important tool in our strategy and it helps in building market price," the second source, who also spoke on condition of anonymity, said.

(Reporting by Aftab Ahmed & Nidhi Verma Editing by Shri Navaratnam)

((Aftab.Ahmed@thomsonreuters.com; +911149548060;))

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