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

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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.

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