PSU share buybacks and destruction of shareholder value

Once again, share buybacks are back in the news. A few weeks back, it was Reliance Industries' buyback announcement as well as Sebi's changed rules for buybacks that were in the news. But this month's news is far bigger. If the government's plans come to fruition, then we could quickly see a huge wave of share buybacks. The government's buyback plan could add up to tens of thousands of crores of rupees and could well be larger than all the share buybacks that have ever happened in India put together. 

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