Gujarat Gas rises on executing asset exchange pact with GSPC Gas

26 Apr 2012

Gujarat Gas is currently trading at Rs. 327.05, up by 5.55 points or 1.73% from its previous closing of Rs. 321.50 on the BSE.

The scrip opened at Rs. 324.80 and has touched a high and low of Rs. 329.00 and Rs. 321.00 respectively. So far 38073 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 463.00 on 02-Sep-2011 and a 52 week low of Rs. 270.00 on 13-Apr-2012.

Last one week high and low of the scrip stood at Rs. 329.00 and Rs. 314.90 respectively. The current market cap of the company is Rs. 4149.53 crore.

The promoters holding in the company stood at 65.12% while Institutions and Non-Institutions held 23.85% and 11.02% respectively. 

Gujarat Gas Company (GGCL) has executed an asset exchange agreement (AEA) with GSPC Gas Company. Pursuant to this agreement, GGCL will withdraw its authorisation application with the Petroleum and Natural Gas Regulatory Board (PNGRB) for its gas distribution network in Valsad and Navsari districts in South Gujarat and Union territories of Daman & Silvassa.

GSPC Gas will withdraw its authorisation application with the PNGRB for certain areas in Bharuch district (excluding Dahej and its surrounding areas in Vagra Taluka). GGCL will transfer its gas distribution assets in Vapi to GSPC Gas in exchange for GSPC Gas’ CNG assets in Bharuch district on an ‘as is’ basis. GSPC Gas will also pay an independently determined amount to GGCL as net consideration. The AEA will consolidate GGCL’s gas distribution operations in Bharuch district.

Both GGCL and GSPC Gas will be free to bid or submit expression of interests, either individually or jointly, for any geographic area when the bidding process is initiated by the PNGRB.

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Puchho Befikar
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