Energy major GAIL India will open its buyback on February 25 for up to 6.97 crore fully paid-up equity shares of face value Rs 10 each. This represents 1.55 per cent of the total number of equity shares in issued, subscribed and paid-up equity share capital of the company.
The company will buy back shares from all existing shareholders and beneficial owners as on record date -- which is January 28 -- on a proportionate basis.
GAIL said this will be done through the tender offer process at a price of Rs 150 per equity share for an aggregate consideration not exceeding Rs 1,046.35 crore.
The share buyback will close on March 10. The funds for the buyback will be met out of internally-generated cash resources, GAIL added.
GAIL is India's leading natural gas company with diversified interests across the natural gas value chain of trading, transmission, LPG production and transmission, LNG re-gasification, petrochemicals, and city gas.
It owns and operates a network of around 12,500 km of high-pressure trunk pipelines.