State-owned gas distribution company GAIL Ltd on Friday announced a buyback plan of 6.97 crore equity shares with a face value of Rs 10 each representing 1.55 percent of the total number of fully paid-up equity shares.

The company's board of directors fixed at a price of Rs 150 per share for an aggregate consideration of Rs 1,046.35 crore. GAIL's board also approved an interim dividend for FY2020-21 at Rs 2.50 per unit on the paid-up equity share capital. The buyback price has been fixed at Rs 150 apiece, a 4.1% premium to Thursday’s closing price.

GAIL also declared an interim dividend of Rs 2.5 apiece for FY21. The board has fixed Jan. 28, 2021 as the record date for buyback and dividend. According to the company’s latest shareholding, the government held a 51.76% stake in the company, while foreign investors owned 15.74%.

On Friday, at market closing, Shares of GAIL declined 3.33% to Rs 139.20 from its previous closing on the NSE.

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