Gail India's board of directors in a meeting held on Friday has approved buyback programme to the tune of Rs1,046cr.
The board approved buyback not exceeding 6,97,56,641 equity shares fully paid-up equity shares of the face value of Rs10 each.
This constituted 1.55 % of the total number of fully paid-up equity shares in the paid-up share capital of Gail.
A buyback offer price of Rs150 per equity share was also set.
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.
On Sensex, Gail ended at Rs138.50 per piece down by 3.82%.