GAIL (India), the largest gas transmission and marketing company in India, on January 15 said that its board of directors approved a buyback of equity shares as well as declared an interim dividend for the on-going fiscal.

The state-owned gas distributor will buy back 69.7 million shares, representing 2.5% of the total paid-up equity share capital, of face value of Rs 10 each. That amounts to a total consideration not exceeding Rs 10,463.5 million. The buyback price has been fixed at Rs 150 a equity share.

GAIL also declared an interim dividend of Rs 2.5 a equity share for FY21. The board has fixed Jan. 28, 2021 as the record date for buyback and dividend.  

Shares of the company declined Rs 5.5, or 3.82%, to settle  at  Rs 138.50.  The total volume of shares traded  was  3,157,241 at  the BSE (Friday).