GAIL seeks shareholder approval to increased authorised share capital to Rs 100 billion

Gas Authority of India Limited (GAIL) has sought shareholder approval to increase the authorised share capital to Rs 100 billion, up from the current capital of Rs 50 billion. The move is expected to help it raise finance for expansion over the next three-four years. GAIL has a capex plan of approximately Rs 300 billion in the next three-four years. These projects will be funded partly through internal resources and partly through debt GAIL plans to diversify into the specialty chemicals business, explore the possibility of taking equity in energy exchange and pursue acquisitions in solar glass and module manufacturing.