“GAIL Buyback of shares fully subscribed. Government received Rs 747 cr out of total buyback size of Rs 1046 cr,” Pandey tweeted.
PTI
March 20, 2021 / 08:34 AM IST
GAIL India | State-owned natural gas company GAIL India and Ranchi Municipal Corporation has signed concession agreement for setting up compressed biogas plant in Ranchi. As per the agreement, GAIL said it would setup compressed biogas plant for processing 150 tonnes per day of organic municipal solid waste (MSW). The CBG plant will produce 5 tonnes of compressed biogas (CBG) per day and approximately 25 tonnes of fermented bio manure per day, it added. CBG plant would be beneficial for people of Ranchi by producing clean & green fuel and will be a step towards Aatmanirbhar Bharat, GAIL said in its BSE filing. This news came in after market hours on March 18. The stock closed 2.31 percent lower at Rs 135.15 on March 18. It hit a 52-week high of Rs 157.95 on March 8, 2021, and a low of Rs 65.70 on March 19, 2020. The market-cap of the company stands at Rs 60,954.57 crore. In terms of technicals, the current rating by Moneycontrol on the stock is Neutral. The important support levels for the stock are placed at Rs 135.27-132.13, while resistance is placed at Rs 143.52-148.63, data from Moneycontrol.com showed.
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The government has received Rs 747 crore from share buy back by oil GAIL, DIPAM Secretary Tuhin Kanta Pandey said on Friday.
“GAIL Buyback of shares fully subscribed. Government received Rs 747 cr out of total buyback size of Rs 1046 cr,” Pandey tweeted.
Government holding in the company stands at 51.45 per cent.
Under, a company buys its own outstanding shares to reduce the number of shares available in the open market.
Companies buy back shares for a number of reasons such as to increase the value of remaining shares available by reducing the supply or to return surplus cash to shareholders.
The government wants public sector undertakings to either meet their targets for capital expenditure or “reward the shareholder in the form of a dividend” or share buyback.
