GAIL announces Rs 1,083-cr share buyback at Rs 190 per share

Gail (India) on Thursday approved a buyback of 57 million shares at Rs 190 apiece aggregating to Rs 1,083 crore. The buyback is at a 22 per cent premium to the company’s last closing price. 

Shares of Gail rose 1.5 per cent to end at Rs 155.7. 

The buyback is being done through the tender route-- this will allow the government, which holds 51.8 per cent stake, participate. Gail has said the buyback is for 2.5 per cent of its paid- up capital and free reserves as on March 31, 2021.

In FY22, Gail has paid the highest-ever interim dividend of Rs 3,996 crore. The company completed its previous buyback in March 2021 of about Rs 1,046 crore at Rs 150 per share. Shares of Gail have risen 11.3 per cent in the past one year.