GAIL announces ₹1,046.35 crore share buyback

GAIL (India) Ltd, the nation’s largest gas distribution firm, on Friday announced a ₹1,046.35 crore share buyback programme as it looked to return surplus cash to shareholders, the biggest being the government of India.

In a stock exchange filing, the company said its board has approved the buyback of 6.97 crore shares at a price of ₹150 per share.

The shares being bought represent 1.55 per cent of the total number of fully paid-up equity shares.

The company board also declared an interim dividend of 25 per cent ( ₹2.50 per share) for financial year 2020-21.