Gail to buy back 57 million shares at 22% premium

New Delhi: Gail (India) Ltd will buy back 57 million shares at 190 each, a 22% premium to Thursday’s closing price, the state-run natural gas company said.

Gail plans to spend Rs 1,083 crore, excluding taxes, on the repurchase of shares representing 2.5% of its paid-up capital and free reserves as of March 31, 2021. The government owns 51.80% of Gail and will have the option to tender some shares in the buyback programme.