Shares of GAIL (India) hit a 52-week high of Rs 173.45, up 3 per cent on the BSE in Tuesday’s intra-day trade, ahead of ex-date for share buyback on Thursday, April 21, 2022.
The stock of state-owned gas transmission and marketing company surpassed its previous high of Rs 171.35 touched on October 6, 2021. In the past one month, it has outperformed the market by surging 15 per cent, as compared to 1 per cent decline in the S&P BSE Sensex.
The board of directors of GAIL (India) on March 31, 2022 had approved a buyback of 57 million shares at Rs 190 apiece aggregating to Rs 1,083 crore. The buyback is being done through the tender route– this will allow the government, which holds 51.8 per cent stake, to participate in the process. GAIL has said the buyback is for 2.5 per cent of its paid- up capital and free reserves as on March 31, 2021.
