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Gujarat Gas Company shines on getting nod for scheme of amalgamation

25 Feb 2014 Evaluate

Gujarat Gas Company is currently trading at Rs. 240.70, up by 18.55 points or 8.35 % from its previous closing of Rs. 222.15 on the BSE.

The scrip opened at Rs. 227.00 and has touched a high and low of Rs. 253.35 and Rs. 226.60 respectively. So far 40395 shares were traded on the counter.

The BSE group 'B' stock of face value Rs. 2 has touched a 52 week high of Rs. 305.80 on 19-Nov-2013 and a 52 week low of Rs. 159.00 on 07-Aug-2013.

Last one week high and low of the scrip stood at Rs. 229.00 and Rs. 220.00 respectively. The current market cap of the company is Rs. 2849.07 crore.

The promoters holding in the company stood at 73.70 % while Institutions and Non-Institutions held 17.84 % and 8.46 % respectively.

Gujarat Gas Company’s board of directors at its meeting held on February 24, 2014, has granted its in-principle approval to the proposed consolidation by way of amalgamation of the Company with GSPC Distribution Networks (GDNL), GSPC Gas (GSPC Gas), Gujarat Gas Financial Services (GFSL) and Gujarat Gas Trading Company (GTCL), the companies involved in City Gas Distribution business by way of proposed amalgamation.

Gujarat Gas, a 65.12 per cent subsidiary of BG Asia, is India’s largest private sector natural gas distribution company in terms of sales volumes, with operations in Gujarat. The company distributes natural gas to domestic, commercial and industrial consumers, and compressed natural gas as automobile fuel, in the cities of Surat, Ankleshwar, Bharuch, and surrounding areas.

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