GAIL board had approved buyback of around 5.7 crore shares aggregating to ₹1,083 crore on March 31, 2022.

“Government has received ₹497 crore from GAIL buyback. Out of the buyback, ₹586 crore has been received by other shareholders,” Pandey tweeted.

In May, the company submitted its Letter of Offer to the stock exchanges related to the buy-back of up to 5,69,85,463 fully paid-up equity shares of face value ₹10 each of GAIL (India) at a price of ₹190 per share for an aggregate consideration not exceeding of ₹1,082.72 crore through the tender offer process.

The company has already paid a dividend for ₹3,996 crore at ₹9 per share. Besides, its board recommended a final dividend of ₹1 per share for FY22 taking the total to ₹4,440 crore, which is highest ever by GAIL.

In FY22, GAIL’s total capex stood at ₹7,700 crore, which was mainly utilised on pipelines, petrochemical, CGD projects, operational capex, equity contribution and E&P.

In the next three years, the total capex is expected to be around ₹30,000 crore mainly on pipelines, petrochemical, CGD, operational capex, equity contribution and E&P, as well as on renewable projects.

The gas utility is also eyeing a 10-year deal to import 1 million tonnes (MT) of liquefied natural gas (LNG) with supplies starting likely in 2023. GAIL already has a long-term gas import agreement with Gazprom Marketing and Trading Singapore to purchase an average 2.5 MT annually.

The company is also on the lookout for long-term and short-term (spot) deals to meet India’s growing demand for natural gas. GAIL expects its LNG imports to grow by 5-6 per cent in FY23.

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