GAIL - RICH DIVIDENDS: The sale of 10% stake in gas marketing and transmission company Gail (India) Limited will add Rs 1,620 crore (Rs 16.20 billion) to the government’s divestment kitty. The price was fixed at Rs 195 per share for the issue, which was oversubscribed by 9.28 times.
The Centre now holds 57.4 per cent in the company.
Gail, which is a major player in the gas marketing business in the country, also has interests in petrochemicals and LPG sectors. The company owns and operates the gas network HBJ pipeline. Proshanto Banerjee is the chairman of Gail.
Chairman and managing director of Gail Proshanto Banerjee (C), flanked by vice chairman of HSBC Securities Naina Lal Kidwai (L) and J.K. Jain (R), director of finance Gail, looks toward a screen at the announcement of the public offer of equity shares by the government in Gail at a press conference in Mumbai.
Photo: Rob Elliott/AFP/Getty Images
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