GAIL India Shares Hit 52-Week Excessive On Buyback Supply Announcement
Shares of GAIL India rose as a lot as 10% to its 52-week excessive of Rs 147.80 on Thursday, a day after the general public sector pure gasoline processing and distribution firm mentioned that it’s going to open its buyback on 25 February for as much as 6.97 crore totally paid-up fairness shares of face worth Rs 10 every.
“This represents 1.55 p.c of the entire variety of fairness shares in issued, subscribed and paid-up fairness share capital of the corporate,” the corporate mentioned in a launch on Wednesday.
The document date for the corporate to purchase again shares from all present shareholders and useful homeowners on a proportionate foundation is 28 January.
GAIL mentioned this might be carried out by the tender provide course of at a value of Rs 150 per fairness share for an combination consideration not exceeding Rs 1,046.35 crore.
The share buyback provide will shut on 10 March. The funds for the buyback might be met out of internally-generated money sources, GAIL added.
The combination quantity of the buyback, that’s Rs 1,046.35 crore, which makes for two.50% & 2.26% of the entire paid-up Fairness Share capital and free reserves of the Firm is as per the corporate’s audited standalone and consolidated monetary statements as of 31 March 2020.
GAIL is India’s main pure gasoline firm with diversified pursuits throughout the pure gasoline worth chain of buying and selling, transmission, LPG manufacturing and transmission, LNG re-gasification, petrochemicals, and metropolis gasoline.
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