Gail (India) advanced 1.14% to Rs 155.15 after the company's board approved share buyback worth Rs 1,082.72 crore at Rs 190 per share.
The company proposes to buy back up to 5,69,85,463 equity shares, comprising 1.28% of the total paid-up equity capital of the company, at a price of Rs 190 per share, for an aggregate amount not exceeding Rs 1082,72,37,970.
The company has fixed Friday, 22 April 2022, as the record date for the purpose of ascertaining the eligibility of shareholders for the buyback of equity shares.
The Government of India held 51.45% stake in Gail (India) as on 25 March 2022.
State-owned GAIL (India) is one of the largest natural gas processing & distribution company.
The net profit of GAIL (India) jumped 100.7% to Rs 3780.78 crore on a 67% increase in net sales to Rs 26145.09 crore in Q3 December 2021 over Q3 December 2020.
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