GAIL hits new 52-week high on buyback of shares; jumps over 7 per cent
The largest state-owned natural gas processing & distribution company in India, GAIL (India) Ltd announced on Thursday that the company is proposing buyback of equity shares. Reacting to the news, its share gained nearly 10 per cent during the early trading session on BSE.
The company has proposed a buyback of not exceeding 6,97,56,641 fully paid-up equity shares at a price of Rs 150 per equity share on a proportionate basis, through the tender offer process. The total buyback aggregates to Rs 1,046.35 crore, representing 1.55 per cent of the total number of equity shares in the issued, subscribed, and paid-up equity share capital of the company from all the existing shareholders or beneficial owners of equity shares of the company as on the record date of January 28, 2021. The buyback opens on February 25, 2021 and will close on March 10, 2021.
GAIL (India) is engaged in gas marketing. The company’s segments consist of transmission services, including natural gas & liquid petroleum gas (LPG), natural gas trading, petrochemicals, LPG, city gas distribution as well as power generation.
At 2.18 pm today, the company’s stock was trading at Rs 144.40, up by 7.48 per cent against its previous close of Rs 134.35. It has registered an intraday high of Rs 147.75 and an intraday low of Rs 65.70 on BSE.