August8 , 2022

GAIL’s bonus shares issue decision to be taken in board meet today

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GAIL (India) Ltd’s board will meet on Wednesday, July 27, 2022 to consider the issuance of bonus shares of its equity shares by the company. Bonus shares are fully paid additional shares issued by a company to its existing shareholders.

“This is to inform that a meeting of the Board of Directors of GAIL (India) Limited is scheduled on Wednesday, 27th July 2022 to, inter-alia, consider issuance of Bonus Shares by the Company,” GAIL informed in an exchange filing last week.

The company had also informed that the record date for the purpose of payment of final dividend at 10% (Re. 1 per equity share) on the paid-up equity share capital of the company, which is fixed next week on Tuesday, 2nd August, 2022, if approved by the shareholders at the AGM. The Thirty-Eight Annual General Meeting (AGM) of the members of GAIL will be held on Friday, 26th August, 2022.

Last month, GAIL announced its plans to enter into distributed liquefied natural gas (LNG) production with the vision to cater the demand from off-grid locations and transport sector. It placed order for two small-scale liquefaction skids capable of producing LNG on a pilot basis.

Liquefaction will be achieved through proprietary technology-based mobile liquefaction skids. These plants will help in distribution of natural gas through liquefaction in new CGD areas, liquefaction of gas at isolated fields and will support setting-up of LNG fueling stations and in bunkering.

The project is envisaged to provide a thrust to Centre’s initiatives to increase the share of natural gas in the primary energy basket. Further, GAIL is also under discussions for manufacturing liquefaction skids in India.

For the quarter ending March 2022 or Q4FY22, the company reported a 40% jump in net profit at 2,683 crore from 1,903 crore whereas its revenue rose to 26,968 crore as compared to 15,549 crore in the same quarter last year.

Govt-owned GAIL is a natural gas explorer and producer engaged in the natural gas processing and distribution in India. GAIL shares are up nearly 10% in 2022 (YTD) so far as compared to over 6% fall in benchmark BSE Sensex.

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