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GDNL acquires 65.12% stake in Gujarat Gas Company

13 Jun 2013 Evaluate

GSPC Distribution Networks (GDNL) has acquired 94,519,080 shares constituting 73.70% equity shares of Gujarat Gas Company (GGCL). The board of directors of the company at its meeting has taken the note of it. GDNL has acquired 83,518,750 shares constituting 65.12% equity shares of GGCL on June 12, 2013 from BG Asia Pacific Holdings (BGAPH), as per the share purchase agreement.

Besides, GDNL had also acquired 11,000,330 shares constituting 8.58% equity shares of GGCL on March 12, 2013 under the open offer in terms of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations 2011.

Further, upon completion of acquisition of the equity shares of GGCL by GDNL as aforesaid, the total shareholding of GDNL in GGCL as on June 12, 2013 stands at 94,519,080 constituting 73.70% equity shares.

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