GAIL said it intends to buyback Rs 1,082.72 crore worth shares of the company under a share buyback plan.
The plan 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.
GAIL said 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 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.