Gas distribution giant GAIL announces Rs 1,046.35 cr share buyback
GAIL (India) Ltd, the nation’s largest gas distribution firm, on Friday announced a Rs 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 Rs 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 (Rs 2.50 per share) for financial year 2020-21.
GAIL stock was down 2.2 per cent on the BSE and was trading at Rs 140.75 at 14.15 Hrs.
The government owns 51.76 per cent of GAIL and is expected to participate in the share buyback.
