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GAIL India Shares Hit 52-Week High On Buyback Offer Announcement

By Staff

Shares of GAIL India rose as much as 10% to its 52-week high of Rs 147.80 on Thursday, a day after the public sector natural gas processing and distribution company said that it will open its buyback on 25 February for up to 6.97 crore fully paid-up equity shares of face value Rs 10 each.

GAIL India Shares Hit 52-Week High On Buyback Offer Announcement

"This represents 1.55 percent of the total number of equity shares in issued, subscribed and paid-up equity share capital of the company," the company said in a release on Wednesday.

The record date for the company to buy back shares from all existing shareholders and beneficial owners on a proportionate basis is 28 January.

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

The aggregate amount of the buyback, that is Rs 1,046.35 crore, which makes for 2.50% & 2.26% of the total paid-up Equity Share capital and free reserves of the Company is as per the company's audited standalone and consolidated financial statements as of 31 March 2020.

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.

Read more about: gail india gail buyback
Story first published: Thursday, February 18, 2021, 14:44 [IST]
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