Selan Exploration To Consider Share Buyback On May 26

Selan Exploration Technology Limited, during Monday’s trading session, rallied over 5% on the NSE as the investors cheered the buyback proposal of the company.

The stock attracted huge volume by more than 1.46 times soon after the announcement. The stock hit an intraday high of Rs 184.45 per share and an intraday low of Rs 172 per share on the BSE.

The company in its filing to the exchanges said that the board of directors of the company in their meeting on May 26, 2017, will consider the proposal for buyback of equity shares.

The stock has delivered negative returns of 1.68% on the NSE and has underperformed the BSE Small cap and BSE Oil & Gas indices over the same time span.

Selan Exploration Technology Limited is engaged in the business of exploration and production of oil and natural gas. The company's principal business activities include extraction of crude oil and natural gas.

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About Suhani Varma

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