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City gas distribution player, Gujarat Gas Ltd (GGL), an amalgamation of Gujarat Gas Company Ltd (GGCL) and GSPC Gas, will list its equity shares on the exchanges on September 15, the company said in a statement on Saturday.
The erstwhile GGCL was put under suspension by the stock exchanges for procedural reasons. On the BSE, GGCL shares had a last closing of Rs 745.60 on May 26, 2015. For price discovery, GGL shares will be a part of a special pre-open session for IPO and other categories of scrips.
Pursuant to the scheme of amalgamation, equity shares of Rs 10 each of Gujarat Gas Ltd was issued for every one equity share of Rs 2 each held in GGCL, 81 equity shares of Rs 10 each of Gujarat Gas Ltd was issued for every 76 equity shares of Rs 10 each held in GSPC Gas Company Ltd and one equity share of Rs 10 each of Gujarat Gas Ltd was issued for every one equity share of Rs 10 each held in Gujarat Gas Financial Services Ltd.
The issued, subscribed and paid-up equity capital of the company post-arrangement is Rs 1,37,67,80,250 consisting of 13,76,78,025 equity shares of Rs 10 each. The record date was May 28, 2015, for the issue of shares, the statement said.
The emerged new entity, Gujarat Gas Ltd, has become the country's largest city gas distribution (CGD) player with a daily volume of about 6.5 million standard cubic metres.
On the Bombay Stock Exchange (BSE) the shares will be listed and admitted for dealing on the exchange in the list of ‘T’ Group of Securities. Further, in terms of the SEBI circular, the scrip will be in the Trade-for-Trade segment for 10 trading days.
On the National Stock Exchange (NSE), the shares will be available for trading in Series 'BE' -- Trade for Trade and will subsequently be shifted to Series 'EQ'.
On the operational side, the new entity, Gujarat Gas Ltd has a presence across 19 districts in Gujarat. Also, it recently won awards for the Union Territory of Dadra Nagar Haveli and Thane GA (including Palghar district) of Maharashtra.
The new entity has India’s largest customer base in major user segments, over 10,24,000 domestic households, around 2,750 industrial customers, over 11,500 commercial customers and a network of 234 CNG stations.
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