GAIL India Ltd announces buyback at Rs. 190 through tender offer route

The Board of Directors of GAIL India Ltd in their meeting held on 31st March, 2022 has approved the Buyback of the fully paid up equity shares of the Company of face value of Rs. 10/ each Buyback of not exceeding 5,69,85,463 (Five Crore Sixty Nine Lakh Eighty Five Thousand Four Hundred and Sixty Three) fully paid-up equity shares of face value of Rs, 10 each (representing 1.28% of the total number of fully paid-up equity shares in the paid-up share capital of the Company) at a price of Rs. 190 (Rupees One Hundred and Ninety only) per equity share (the "Buy Back Offer Price") payable in cash for an aggregate consideration not exceeding Rs. 1082,72,37,970 (Rupees One Thousand Eighty Two Crore Seventy Two Lakh Thirty Seven Thousand Nine Hundred and Seventy only) (the "Buyback Offer Size") representing 2.50% and 2.22% 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, 2021 (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, 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 Friday, 22nd April, 2022 as the record date for the purpose of ascertaining the eligibility of shareholders for Buyback of equity shares.

Shares of GAIL (India) Limited was last trading in BSE at Rs. 153.40 as compared to the previous close of Rs. 152.65. The total number of shares traded during the day was 583490 in over 7250 trades.

The stock hit an intraday high of Rs. 154.35 and intraday low of 151.85. The net turnover during the day was Rs. 89383430.00.

Source : Equity Bulls

Keywords

GAILIndia INE129A01019 BuyBack TenderOffer INR190