Mumbai, Dec 14 (IANS): State-owned Indian Oil Corp on Thursday announced a buyback of 3.06 per cent equity shares at a price of Rs 149 per stock for a consideration not exceeding Rs 4,435 crore.

The buyback decision was taken by the company's Board in its meeting held on Thursday.

"Buyback of equity shares of the company not exceeding 29,76,51,006 equity shares being approximately 3.06 per cent of the total paid up equity share capital of the company at a price of Rs 149 per equity share payable in cash for an aggregate consideration not exceeding Rs 4,435 crore...," the company said in a regulatory filing.

"The public announcement setting out the process, timelines and other requisite details will be released in due course in accordance with the Buyback Regulations."

In another development, the company's Board declared an interim dividend of 67.5 per cent "i.e. Rs 6.75 per equity share of face value of Rs 10 each for the financial year 2018-19".

"The dividend will be credited to the account of the shareholders or the dividend warrant in respect thereof will be dispatched on or before 31st December 2018," the filing said.