Gujarat Gas Limited entered into Composite Scheme of Arrangement and Amalgamation to acquire Gujarat State Petroleum Corporation Limited from Government of Gujarat for approximately INR 210 billion.
Gujarat Gas Limited (NSEI:GUJGASLTD) entered into Composite Scheme of Arrangement and Amalgamation to acquire Gujarat State Petroleum Corporation Limited from Government of Gujarat for approximately INR 210 billion on August 30, 2024. Gujarat Gas Limited will issue 10 equity shares for every 305 of Gujarat State Petroleum Corporation Limited. The transaction is subject to approval of Gujarat Gas Limited's shareholders and regulatory authorities. The transaction has been approved by the board of Gujarat Gas Limited. The transaction is expected to close in August 2025.
Ernst & Young LLP acted as accountant for Gujarat Gas Limited. Jatin Aneja, Anirudh Das, Kushal Sinha, Manika Brar, Kanwardeep Kapany and V R Neelakantan of Shardul Amarchand Mangaldas & Co acted as legal advisor for Gujarat Gas Limited. Saffron Capital Advisors Private Limited acted as fairness opinion provider for Gujarat Gas Limited. Fortress Capital Management Services Private Limited acted as fairness opinion provider to Gujarat State Petronet Limited.
Gujarat Gas Limited is an India-based company, which is engaged in the natural gas business in India. Its natural gas business involves distribution of gas from sources of supply to centers of demand and to the end customers. It is engaged in city gas distribution, including sale, purchase, supply, distribution, transport, trading in natural gas, compressed natural gas (CNG), liquefied natural gas (LNG), liquefied petroleum gas (LPG) and other gaseous form through pipelines, trucks/trains or such other suitable mode for transportation/distribution of natural gas, CNG, LNG, LPG and other gaseous form. The Company supplies piped natural gas for domestic usage to approximately 1.87 lakhs households across its operating locations. It has approximately 27 city gas distribution licenses spread across 43 districts in six states and one Union territory across the states of Gujarat, Maharashtra, Rajasthan, Haryana, Punjab and Madhya Pradesh and the Union Territory of Dadra & Nagar Haveli.
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Gujarat Gas Limited entered into Composite Scheme of Arrangement and Amalgamation to acquire Gujarat State Petroleum Corporation Limited from Government of Gujarat for approximately INR 210 billion.
