GAIL (India) Board Approves Fundraising Proposals


GAIL (India) said its board had approved a proposal to raise funds up to Rs 25,000 crore or $3.125 billion in one or more tranches.

The company said the fundraising could take the form of a rupee term loan or the issuance of debentures or non-convertible bonds in the domestic market up to the limit of Rs 25,000 crore.

Funds can also be raised through foreign currency term loans, bonds or notes or external commercial borrowings up to the limit of $3.125 billion.

The state-owned GAIL (India) is one of the largest natural gas processing and distribution companies. The Indian government held 51.89% of the capital of Gail (India) as of June 30, 2022.

The company recorded a 52.16% increase in its consolidated net profit to Rs 3,252.95 crore on a 115.7% increase in operating income to Rs 37,942.15 crore in the first quarter of the year. fiscal 23 compared to the first quarter of fiscal 22.

Shares of GAIL (India) rose 0.70% to Rs 135.85 on BSE.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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