The ₹1,046.35-crore buyback offer from GAIL (India) opens for subscription on February 25 and ends on March 10.
Earlier, the company’s Board had approved the buyback of 6.97 crore shares at ₹150 a share. Shareholders whose name appeared as on January 28 (record date) are eligible to participate in the buyback, which would be through tender route.
The gas distribution firm had announced the buyback programme to return surplus cash to shareholders, the biggest beneficiary being the Centre.
The stock closed at ₹134.35, up 0.98 per cent on the BSE on Wednesday.