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GAIL: The Exchange had sought clarification from GAIL (India) Limited with respect to announcement dated 10-Feb-2021, regarding press release dated February 10, 2021, titled "GAIL acquires 5% stake in Indian Gas Exchange. On basis of above the Company was required to clarify following: 1. Whether the acquisition would fall within related party transactions and whether the promoter/ promoter group/ group companies have any interest in the entity being acquired? If yes, nature of interest and details thereof and whether the same is done at "arm's length"; 2. Objects and effects of acquisition (including but not limited to, disclosure of reasons for acquisition of target entity, if its business is outside the main line of business of the listed entity); 3. Brief details of any governmental or regulatory approvals required for the acquisition; 4. Indicative time period for completion of the acquisition; 5. Cost of acquisition or the price at which the shares are acquired; 6. Nature of consideration - whether cash consideration or share swap and details of the same. The response of the Company is attached.
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