Shares for Gail has been cut down by about 5% at about Rs 136.60 after the intra-day trade. This is not good news and thereafter, the company has seen a dip of about 7% from the top for the day. This news comes from the BSE on Friday as the company was getting ready for the circumstances. But, there is much more than the company has to offer its investors. There are many more chances where the company has increased its share prices.
More About The Buyback Offer From Gail :
Gail has offered a buyback to its investors. The state-owned company has hit a high of about 52-week with Rs. 146.20 increase. This is where the progress of the company has proven to be of great benefit. Thus, there are many decisions that are taken by the board of the company, and hence, the board has decided to give its investors a dividend of about Rs. 2.50 per share.
Thus, the company has provided about 25 percent for this fiscal year 2020-21 (FY21). Therefore, the company has fixed the date of January 28, 2021, as the record for determining the eligibility of the shareholders, and the other investors for buyback of these equity shares. This is quite a great value for investors.
“Buyback of not exceeding 69.75 million equity shares of the face value of Rs 10 each (representing 1.55 percent of the total equity of the Company) at a price of Rs 150 per equity share for an aggregate consideration not exceeding Rs 1046.35 crore via a tender offer,” said Gail India who has given this news to its investors in this period.
The high value of shares of this company can be due to many reasons and this is where we can say that there will be many things stored for the company in the future. In the past 3 months of the company, the stocks of the company have outperformed this market using the surging the 78% as compared to the 24% rise in the S&P BSE Sensex.
Gail will be replaced by Tata Consumer Products on the widely-followed index soon and this is another great news that the market is buzzing with and while the free-float market cap of Tata Consumer Products is currently at Rs 36,000 crore, of Gail is about Rs 30,000