Mumbai: The government has received Rs 497 crore by tendering part of its holding in the buyback offer by the public sector undertaking GAIL. The total buyback was worth about Rs 1,083 crore with the majority of it, Rs 586 crore, going to other shareholders. A tweet by secretary of Dipam — the government department that manages divestments — disclosed the details.
In May this year, GAIL had filed documents to buy back nearly 5.7 crore of its shares from shareholders at Rs 190 per share.
