The Board of Directors at Oil India Limited (OIL) have approved the buyback of 4.49 crore equity shares - representing 5.6% of the company's equity shares - at a share price of Rs. 340. The total value of the OIL buyback would be Rs. 1,527.01 crore. The Buyback, the company said, would be on a proportionate basis through the tender offer route. 

OIL, which contributes around eight per cent of the country's oil production, and 10 per cent of India's gas production, is among the companies the government is considering for consolidation into a larger oil&gas firm, which could be more effective in international bids for oilfields, and better placed to take on competition.