GAIL India Ltd board approves buyback at Rs. 150

The Board of Directors of GAIL (India) Ltd in their meeting held on 15th January, 2021 has approved the buyback of the fully paid up equity shares of the Company of face value of Rs. 10/ each. The buyback of not exceeding 6,97,56,641 (Six Crores Ninety Seven Lakhs Fifty Six Thousand Six Hundred Forty one) fully paid-up equity shares of face value of Rs. 10 each (representing 1.55% of the total number of fully paid-up equity shares in the paid-up share capital of the Company) at a price of Rs. 150 (Rupees one Hundred Fifty Only) per equity share (the "Buy Back Offer Price") payable in cash for an aggregate consideration not exceeding Rs. 1046.35 crores (Rupees One Thousand Forty Six crores Thirty Five Lakhs only) (the "Buyback Offer Size") representing 2.50% and 2.26% of the aggregate of the fully paid-up equity share capital and free reserves as per the audited standalone and consolidated financial statements of the Company, respectively, for the financial year ended March 31, 2020 (the last audited standalone and consolidated financial statements available as on the date of Board meeting recommending the proposal of the Buyback) and is within the statutory limits of 10% (Ten Percent) of the aggregate of the fully paid-up equity share capital and free reserves under the Board of Directors approval route as per the provisions of the Companies Act, 2013 from all the equity shareholders of the Company, as on the record date, on a proportionate basis through a Tender Offer route in accordance the Securities and Exchange Board of India (Buy-Back of Securities) Regulations, 2018, as amended (the "Buyback Regulations") (hereinafter referred to as the "Buyback"), subject to all other applicable statutory approvals. The Buyback Offer Size does not include any expenses incurred or to be incurred for the Buyback like filing fees payable to the Securities and Exchange Board of India, advisors fees, public announcement publication expenses, printing, dispatch expenses, applicable taxes inter alia including buyback taxes, securities transaction tax, goods and services tax, stamp duty and other incidental and related expenses.

The Company has fixed 28th January, 2021(Thursday) as the record date for the purpose of the eligibility of shareholders for Buyback of equity shares.

Shares of GAIL (INDIA) LTD. was last trading in BSE at Rs.144 as compared to the previous close of Rs. 141.35. The total number of shares traded during the day was 1875518 in over 12466 trades.

The stock hit an intraday high of Rs. 146 and intraday low of 140.3. The net turnover during the day was Rs. 270099577.

Source : Equity Bulls

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