The announcement was made after market hours yesterday, 13 December 2018.

Meanwhile, the S&P BSE Sensex was up 14.55 points or 0.04% at 35,944.19

On the BSE, 12.29 lakh shares were traded on the counter so far as against average daily volumes of 16.56 lakh shares in the past two weeks. The stock had hit a high of Rs 142 and a low of Rs 140.25 so far during the day.

Indian Oil Corporation (IOCL)'s board of directors approved buyback of equity shares of the company not exceeding 29.76 crore equity shares being approximately 3.06% of the total paid up equity share capital of the company at Rs 149 per share for an aggregate consideration not exceeding Rs 4435 crore on a proportionate basis through the tender offer route.

The board of directors also declared an interim dividend of Rs 6.75 per share for the financial year 2018-19. The company has fixed 25 December 2018 as the record date for the purpose of ascertaining the eligibility of shareholders for payment of interim dividend as well as for buyback of equity shares.

IOCL's net profit fell 12.16% to Rs 3246.93 crore on 45.97% growth in total income to Rs 133075.42 crore in Q2 September 2018 over Q2 September 2017.

IOCL is India's flagship national oil company, with business interests that straddle the entire hydrocarbon value chain - from refining, pipeline transportation and marketing of petroleum products to exploration & production of crude oil & gas as well as marketing of natural gas and petrochemicals.