GAIL buyback offer to open for 6,97,56,641 fully paid-up equity on Feb 25

Topics GAIL | GAIL India | Share buybacks

On February 17, shares of GAIL India ended at Rs 134.40, up Rs 1.30, or 0.98 percent on the BSE.

Energy major GAIL India will open its buyback on February 25 for up to 6.97 crore fully paid-up equity shares of face value Rs 10 each.

This represents 1.55 per cent of the total number of equity shares in issued, subscribed and paid-up equity share capital of the company.

The company will buy back shares from all existing shareholders and beneficial owners as on record date -- which is January 28 -- on a proportionate basis.

GAIL said this will be done through the tender offer process at a price of Rs 150 per equity share for an aggregate consideration not exceeding Rs 1,046.35 crore.

The share buyback will close on March 10. The funds for the buyback will be met out of internally-generated cash resources, GAIL added.

GAIL is India's leading natural gas company with diversified interests across the natural gas value chain of trading, transmission, LPG production and transmission, LNG re-gasification, petrochemicals, and city gas.

It owns and operates a network of around 12,500 km of high-pressure trunk pipelines.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel