Govt gets Rs 747 cr from GAIL share buyback

NEW DELHI: The federal government has acquired Rs 747 crore from share purchase again by oil GAIL, DIPAM Secretary Tuhin Kanta Pandey mentioned on Friday.

“GAIL Buyback of shares totally subscribed. Authorities acquired Rs 747 cr out of whole buyback dimension of Rs 1046 cr,” Pandey tweeted.

Authorities holding within the firm stands at 51.45 per cent.

Underneath, an organization buys its personal excellent shares to cut back the variety of shares out there within the open market.

Firms purchase again shares for numerous causes resembling to extend the worth of remaining shares out there by lowering the provision or to return surplus money to shareholders.

The federal government desires public sector undertakings to both meet their targets for capital expenditure or “reward the shareholder within the type of a dividend” or share buyback.

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