India Ratings & Research (Ind-Ra) has assigned GAIL (India) proposed Rs 10 billion long-term bonds an 'AAA (exp)' rating.

The rated bonds will be secured debentures and their proceeds will be used to replace higher cost borrowings and for capex.

The ratings reflect GAIL's position as India's largest natural gas (NG) transmission company and the dominant position occupied by public sector companies in the Indian petroleum and NG industry.

Shares of the company gained Rs 4.2, or 0.93%, to settle at Rs 458.05. The total volume of shares traded was 99,472 at the BSE (Tuesday).