GAIL to consider share buyback on March 31

GAIL India (Ltd) will consider buyback of shares at the meeting of its board of directors scheduled on March 31, the state-owned gas utility said in a regulatory filing on March 25.

"Meeting of board of directors of the company will be held on Thursday, 31st March, 2022, to inter-alia consider buy back of the fully paid-up equity shares of the company," it said.

GAIL also informed the stock exchanges that its trading window for securities will remain closed till at least 48 hours after the conclusion of its board meeting, when the financial results for the quarter and the entire fiscal would be approved.

"The trading window for dealing in securities shall remain closed from Saturday, 26th March, 2022 till 48 hours after the date of board meeting wherein the financial results for the quarter and financial year ended 31.03.2022 would be considered and approved," it said.

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The announcement related to the buyback of shares comes nearly two weeks after GAIL declared a second interim dividend of 50 percent (Rs 5 per share) for the current fiscal year ending March 31. The total dividend payout will be Rs 2,220.19 crore with a record date of March 22, it had said.

GAIL had already declared an interim dividend of Rs 4 per share to its shareholders in December 2021. The two interim dividends total Rs 9 per equity share, which is equivalent to 90 percent on the paid-up equity share capital.