GAIL to consider share buyback, dividend on January 15

GAIL (India) Ltd, the nation’s largest gas distribution firm, will on Friday consider buyback of shares with a view to returning surplus cash to shareholders, the biggest being the Government of India.

In a stock exchange filing, the company said its board will meet on January 15 to consider share buyback as also payment of interim dividend for the fiscal year ending March 2021.

It did not give details.

The government has asked at least eight state-run companies to consider share buybacks as it scours for ways of raising funds to rein in its fiscal deficit.

The firms asked to consider share buybacks include miner Coal India, power utility NTPC, and minerals producer NMDC.