New Delhi: The government-run GAIL (India) Limited on Thursday said it plans to buyback Rs 1,083 crore worth of shares of the company under a share buyback plan.
The decision was taken by the Company’s Board of Directors at its meeting held in the national capital to consider buyback of the fully paid-up equity shares of the company.
The Board approved buyback of about 5.70 crore shares through tender offer represents 2.50 per cent of its paid-up capital and free reserves as on March 31, 2021, GAIL said in a statement. The Board approved buyback of shares @ Rs 190 per share aggregating to about Rs 1,083 crore (excluding taxes). The buyback price of equity share is at a 24 per cent premium on the previous day’s close price at the National Stock Exchange (NSE).
The share price of GAIL surged 1.40 per cent to Rs 155.55 at the BSE on Thursday. GAIL is the largest integrated natural gas marketing and transmission company having its presence along entire natural gas value chain comprising gas transmission and marketing, LPG transmission, gas processing, petrochemicals, LNG imports, Exploration & Production and City Gas Distribution.
GAIL owns and operates around 13,840 km which is 74 per cent of total length of cross-country natural gas pipeline network in 28 states and Union Territories. GAIL is leading gas marketing Company in India which sells around 52 per cent of natural gas and 44 per cent of LNG sold in India.