Government Asks at Least Eight State-run Companies to Consider Buybacks, Say Sources

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 buybacks include Coal India, NTPC, NMDC and Engineers India Ltd, 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.