GAIL buyback: GAIL announces Rs 1,083 crore buyback plan, price set at Rs 190

The plan, it told exchanges, is to buyback shares, not exceeding 5,69,85,463 fully paid up equity shares of face value of Rs 10 each at a price of Rs 190.

Shares of GAIL were trading 0.59 per cent higher at Rs 154.30. The buyback price is at a 24 per cent premium over Wednesday’s closing price of Rs 153.40.

The company has fixed Friday, April 22, 2022, as the record date for the purpose of ascertaining the eligibility of shareholders for buyback of equity shares. The buyback will be offered on a proportionate basis through a tender offer route in accordance the Sebi Regulations, 2018.

The buyback size represents 2.50 per cent the aggregate of the fully paid-up equity share capital and 2.22 per cent of free reserves as per the audited standalone and consolidated FY21 financial statements of the company,

The buyback offer size, GAIL said, 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.

As of Friday, the government held a 51.45 per cent stake in GAIL, FPIs 19.37 per cent and mutual funds 9.09 per cent, a revised shareholding pattern shared by the company suggests.