GAIL share price hike ahead of bonus share issue
GAIL share price has raised almost a per cent amounting to Rs. 92 per share on the BSE today (6th Sept, 2022) as the stock began trading ex bonus. The company has already fixed 7th Sept (Wednesday) as the Record Date for ascertaining the shareholders’ eligibility for issuance of bonus shares. Bonus shares are basically fully paid and additional shares a company issues to its existing shareholders.
The company has made the following statement in an exchange filing:
“We wish to inform that at its Board meeting held today i.e. 27th July, 2022, the Board recommended the issuance of Bonus Shares in the ratio of 1:2 i.e. One new bonus equity share(s) of Rs. 10 each for every two existing equity share(s) of Rs. 10 each fully paid up, subject to the approval of the shareholders at the 38th AGM of the company to be held on 26th August, 2022.”
GAIL is a company owned by the government as is a natural gas producer engaged in the processing as well as distribution of natural gas all over India. In the June quarter, the biggest gas equity witnessed a 51% spike in its net profit at Rs. 3,250.9 crore, which was Rs. 2,157 crore in the last year’s June quarter. In the April-June quarter, turnover doubled to Rs. 38,033 crore from Rs. 17,702 crore in the last year.
Manoj Jain, GAIL’s Managing Director and Chairman, has expressed happiness regarding the healthy growth of the company in its overall performance and GAIL share price even in turbulent times for the gas industry. He further informed that the company has also given its approval in setting up a SSLNG (Small Scale LNG) plant.
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