The Rs 1,083 crore buyback by state-run GAIL (India) opened today and will run till June 7. The 14-day long buyback offer is priced at Rs 190 per share, representing a premium of 28.28 per cent on the BSE and 29.20 per cent on the NSE.
The state gas utility plans to buyback 57 million shares of face value of Rs 10 each. It intends to buyback shares through two different categories: reserved category for small shareholders, who have held shares of not more than Rs 2 lakh, and general category that is applicable for all eligible shareholders other than small shareholders. Of this, the government intends to tender shares up to an extent that the minimum shareholding post buyback remains at least 51 per cent.
