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GAIL Board approves issuance of bonus shares
GAIL Board approves issuance of bonus shares, interim dividend and raising of funds through Bonds:
New Delhi, January 27, 2017: GAIL (India) Limited 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 the Company’s Board of Directors in its meeting held on 25th January, 2017. Consequently, 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 the financial year 2016-17 at the rate of 85 per cent of paid-up equity share capital of the Company (Rs 8.5 per share). Interim Dividend will be paid with reference to the ‘Record Date’ i.e. 3rd February, 2017 fixed for the said purpose.
GAIL’s Board in its meeting held on 25th January, 2017 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 per cent of issue size aggregating up to Rs 1,500 crore on private placement basis, in one or more tranches.
GAIL Chairman & Managing Director Shri B C Tripathi said that 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.
Shri Tripathi further said that work on the prestigious Jagdishpur – Haldia –Bokaro – Dhamra Pipeline Project, popularly called the Pradhan Mantri Urja Ganga, is going on in full swing and GAIL is committed to complete the project within scheduled time. He said work on the Uttar Pradesh and Bihar sections of the Urja Ganga project has made significant progress and the next phase of the project is likely to commence in the second half of 2017.
The Chairman also stated that the expansion of the Petrochemical plant at Pata has stabilized. The production from subsidiary Brahmaputra Cracker & Polymer Limited’s plant in Assam, in which GAIL has 100 % marketing rights, is being ramped up. GAIL is looking to capture new markets for its petrochemical products and has commenced exports to China, Nepal, Bangladesh, Myanmar and Vietnam.
GAIL’s subsidiary GAIL Gas is executing its flagship City Gas Distribution project in Bengaluru and supply of piped natural gas to households has already commenced. Further, CNG stations have been set up to cater to the needs of vehicles in the city.
The issue of the INR bonds would help in funding the growing capex requirements for the future growth of the Company, Shri Tripathi said.
New Delhi, January 27, 2017: GAIL (India) Limited 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 the Company’s Board of Directors in its meeting held on 25th January, 2017. Consequently, 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 the financial year 2016-17 at the rate of 85 per cent of paid-up equity share capital of the Company (Rs 8.5 per share). Interim Dividend will be paid with reference to the ‘Record Date’ i.e. 3rd February, 2017 fixed for the said purpose.
GAIL’s Board in its meeting held on 25th January, 2017 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 per cent of issue size aggregating up to Rs 1,500 crore on private placement basis, in one or more tranches.
GAIL Chairman & Managing Director Shri B C Tripathi said that 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.
Shri Tripathi further said that work on the prestigious Jagdishpur – Haldia –Bokaro – Dhamra Pipeline Project, popularly called the Pradhan Mantri Urja Ganga, is going on in full swing and GAIL is committed to complete the project within scheduled time. He said work on the Uttar Pradesh and Bihar sections of the Urja Ganga project has made significant progress and the next phase of the project is likely to commence in the second half of 2017.
The Chairman also stated that the expansion of the Petrochemical plant at Pata has stabilized. The production from subsidiary Brahmaputra Cracker & Polymer Limited’s plant in Assam, in which GAIL has 100 % marketing rights, is being ramped up. GAIL is looking to capture new markets for its petrochemical products and has commenced exports to China, Nepal, Bangladesh, Myanmar and Vietnam.
GAIL’s subsidiary GAIL Gas is executing its flagship City Gas Distribution project in Bengaluru and supply of piped natural gas to households has already commenced. Further, CNG stations have been set up to cater to the needs of vehicles in the city.
The issue of the INR bonds would help in funding the growing capex requirements for the future growth of the Company, Shri Tripathi said.
Miss Universe beauty pageant begins in Manila
>Miss Universe beauty contest that culminate in a coronation in the Philippines capital on Monday.
Crowds packed the Mall of Asia Arena as each candidate showcased her swimsuits, evening gowns and national costumes in front of the judges.
The preliminary competition that started on Thursday will whittle down the crowded field to the top 12 candidates for the pageant night, the Miss Universe website said.
“The whole world is being united, and even though we don’t know each other, we still enjoy the event,” said Apple Natividad, one of the many spectators who attended the show.
Some even dressed like Miss Universe candidates to join the fanfare.
“This is a venue for beauty, but also the beauty of the heart, especially for us Filipinos who are fanatics for pageants,” said Rania Ziateh, who wore a Miss Philippines sash.
Over half a million people are expected to tune in to watch the coronation night next week, organizers said.
Filipina beauty queen Pia Wurtzbach currently holds the Miss Universe crown from 2015.
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Visit of International Trade Centre Executive Director Arancha González to India
Visit of International Trade Centre Executive Director Arancha González to India
WHEN: 27-30 January 2017
WHERE: Visakhapatnam and Mumbai
Ms. Arancha González, Executive Director of the International Trade Centre (ITC), a joint agency of the United Nations and theWorld Trade Organization, will be visiting Visakhapatnam and Mumbai, 27-30 January 2017.
On 27-28 January, Ms González will be attending the Confederation of Indian Industry’s (CII) Partnership Summit in Visakhapatnam, where she is among the high-level speakers.
She will then travel to Mumbai where she on Monday, 30 January will deliver a keynote speech at the EXIM BANK OF INDIA.
During her visit to India Ms González will be available to meet members of the media.
Arancha González, an expert in international trade issues with 20 years of experience, has served as Executive Director since September 2013. A Spanish national, Ms González has extensive knowledge about international trade and economics, coupled with broad experience in trade and development matters in the public and private sectors, as well as in management at multilateral organizations.
Before joining ITC, Ms. González served as Chief of Staff to World Trade Organization Director-General Pascal Lamy from 2005 to 2013. During her tenure at the WTO, she played an active role in launching the Aid for Trade initiative and served as Mr. Lamy’s representative (Sherpa) at the G-20.
To request an interview with Ms. González, please contact:
Jarle Hetland, Media Officer
Office of the Executive Director
P: +41 22 730 0145
M: +41 79 582 91 80
E: Hetland@intracen.org
Notes for the Editor
About ITC – ITC is the joint agency of the World Trade Organization and the United Nations. ITC assists small and medium-sized enterprises in developing and transition economies to become more competitive in global markets, thereby contributing to sustainable economic development within the frameworks of the Aid-for-Trade agenda and the United Nations’ Global Goals for Sustainable Development. For more information, visit www.intracen.org. Follow ITC on Twitter: @ITCnews
Office of the Executive Director
P: +41 22 730 0145
M: +41 79 582 91 80
E: Hetland@intracen.org
Notes for the Editor
About ITC – ITC is the joint agency of the World Trade Organization and the United Nations. ITC assists small and medium-sized enterprises in developing and transition economies to become more competitive in global markets, thereby contributing to sustainable economic development within the frameworks of the Aid-for-Trade agenda and the United Nations’ Global Goals for Sustainable Development. For more information, visit www.intracen.org. Follow ITC on Twitter: @ITCnews
| RAJIV CHANDRAN
National Information Officer
United Nations Information Centre
for India and Bhutan
55, Lodi Estate, New Delhi 110003
Tel: 91 11 46532237
M: 9810606833
|
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