Selan Exploration Technology has received its board approval for buyback of equity shares at a price not exceeding Rs 300 per share. The company will aggregate an amount of Rs 25 crore from the open market through stock exchange mechanism.
The primary objective of share buyback programme is to arrest the fall in the value of a stock by reducing the supply of the stock, which essentially pushes up the share price through a better P/E multiple.
The board of directors of the company has also declared an interim dividend of 50% (i.e. Rs. 5 per equity share) for the financial year 2018-19. The record date for the purpose of the interim dividend has been fixed as January 5, 2018.
Selan Exploration Technology is a private sector listed company, engaged in oil exploration and production. The company has also signed two more Production Sharing Contracts with the GOI for discovered oil fields in Gujarat. The company is engaged in the exploration of – Hydrocarbons, oil and gas.