Shares of GAIL (India) hit a 52-week high of Rs 173.45, up 3 per cent on the BSE in Tuesday’s intra-day trade, ahead of the ex-date for share buyback on Thursday, April 21, 2022.

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The stock of the state-owned gas transmission and marketing company surpassed its previous high of Rs 171.35 touched on October 6, 2021. In the past month, it has outperformed the market by surging 15 per cent compared to a 1 per cent decline in the S&P BSE Sensex.

The board of directors of GAIL (India), on March 31, 2022, had approved a buyback of 57 million shares at Rs 190 apiece, aggregating to Rs 1,083 crore. The buyback is being done through the tender route– this will allow the government, which holds a 51.8 per cent stake, to participate in the process. GAIL has said the buyback is for 2.5 per cent of its paid-up capital and free reserves as of March 31, 2021.

The Company has fixed Friday, April 22, 2022, as the record date to ascertain the eligibility of shareholders for the Buyback of equity shares.