State-run GAIL on Thursday said it intends to buyback Rs 1,082.72 crore worth shares of the company under a share buyback plan.
The plan, is to buyback shares, not exceeding 5,69,85,463 fully paid up equity shares of face value of Rs 10 each at a price of Rs 190.
Shares of GAIL were trading 0.59 per cent higher at Rs 154.30. The buyback price is at a 24 per cent premium over Wednesday’s closing price of Rs 153.40.
The company has fixed Friday, April 22, 2022, as the record date for the purpose of ascertaining the eligibility of shareholders for buyback of equity shares. The buyback will be offered on a proportionate basis through a tender offer route in accordance the Sebi Regulations, 2018.
The buyback size depicts 2.50 per cent the aggregate of the fully paid-up equity share capital and 2.22 per cent of free reserves as per the audited standalone and consolidated FY21 financial statements of the company,
