GAIL approves issuance of bonus shares, interim dividend -Governance Now

GAIL approves issuance of bonus shares, interim dividend

The paid-up share capital of the company will increase from Rs 1,268.48 crore to Rs 1,691.30 crore

GN Bureau | February 2, 2017

#GAIL #PSU

The gas authority of India limited (GAIL) — a Maharatna PSU has recommended issuance of one bonus share for every three equity shares held of Rs 10 each fully paid up, subject to shareholders approval.

The decision was taken by GAIL’s board of directors in its meeting held on January 25, a press release said. It further stated that the paid-up share capital of the company will increase from Rs 1,268.48 crore to Rs 1,691.30 crore.

Earlier, GAIL had issued bonus shares of one fully paid-up bonus share for every two equity shares in October 2008.

GAIL’s board also approved payment of interim dividend for 2016-17 fiscal at the rate of 85 percent of paid-up equity share capital of the company (Rs 8.5 per share).

The board also approved raising of funds through secured/unsecured, redeemable, non-convertible, taxable INR bonds up to Rs 750 crore with green shoe option up to 100 percent of issue size aggregating up to Rs 1,500 crore on private placement basis, in one or more tranches.

GAIL chairman and managing director BC Tripathi said GAIL is issuing bonus shares for the second time after its listing on the stock exchanges. “The decision has been taken in order to enhance shareholders’ value and acknowledge their support to the company over the years,” he said.

Comments

#GAIL
#PSU

Other News

When Nandini Satpathy told Biju Patnaik: ‘I’ll sit on the chair you are sitting on’

Nandini Satpathy: The Iron Lady of Orissa By Pallavi Rebbapragada Simon and Schuster India, 321 pages, Rs 765

Elections 2024: 1,351 candidates in fray for Phase 3

As many as 1,351 candidates from 12 states /UTs are contesting elections in Phase 3 of Lok Sabha Elections 2024. The number includes eight contesting candidates for the adjourned poll in 29-Betul (ST) PC of Madhya Pradesh. Additionally, one candidate from Surat PC in Gujarat has been elected unopp

2023-24 net direct tax collections exceed budget estimates by 7.40%

The provisional figures of direct tax collections for the financial year 2023-24 show that net collections are at Rs. 19.58 lakh crore, 17.70% more than Rs. 16.64 lakh crore in 2022-23. The Budget Estimates (BE) for Direct Tax revenue in the Union Budget for FY 2023-24 were fixed at Rs. 18.

‘World’s biggest festival of democracy’ begins

The much-awaited General Elections of 2024, billed as the world’s biggest festival of democracy, began on Friday with Phase 1 of polling in 102 Parliamentary Constituencies (the highest among all seven phases) in 21 States/ UTs and 92 Assembly Constituencies in the State Assembly Elections in Arunach

A sustainability warrior’s heartfelt stories of life’s fleeting moments

Fit In, Stand Out, Walk: Stories from a Pushed Away Hill By Shailini Sheth Amin Notion Press, Rs 399

What EU’s AI Act means for the world

The recent European Union (EU) policy on artificial intelligence (AI) will be a game-changer and likely to become the de-facto standard not only for the conduct of businesses but also for the way consumers think about AI tools. Governments across the globe have been grappling with the rapid rise of AI tool