GAIL to buy back 5.7 crore shares for Rs1,083 crore

New Delhi, March 31

State-owned GAIL (India) Ltd on Thursday said it will buy back about 5.7 crore shares for Rs 1,083 crore as it looks to use its healthy balance sheet to reward shareholders for the second time in as many years.

The company had in 2020-21 spent Rs 1,046.35 crore on a similar share buyback. It will buy back shares at Rs 190 apiece, 24% premium over Wednesday’s close price at the NSE. —