Gujarat Gas Company has dipped over 5% to Rs 388 on profit booking after its board approved the amalgamation and arrangement between group companies.
On February 24, 2014, Gujarat Gas Company’s board of directors had 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.
All assets and liabilities of the company, GFSL, GTCL and GPSC Gas would be transferred to GDNL.
The appointed date of the scheme would be 01 April 2013.
The stock opened at Rs 415 and touched a low of Rs 417 on the BSE. A combined 407,000 shares changed hands on the counter so far on the BSE and NSE.
Meanwhile, in the past one month, the stock has rallied 58% to Rs 410 from Rs 259 on March 21, compared to 4.65% rise in benchmark S&P BSE Sensex till yesterday.
On February 24, 2014, Gujarat Gas Company’s board of directors had 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.
All assets and liabilities of the company, GFSL, GTCL and GPSC Gas would be transferred to GDNL.
The appointed date of the scheme would be 01 April 2013.
The stock opened at Rs 415 and touched a low of Rs 417 on the BSE. A combined 407,000 shares changed hands on the counter so far on the BSE and NSE.
Meanwhile, in the past one month, the stock has rallied 58% to Rs 410 from Rs 259 on March 21, compared to 4.65% rise in benchmark S&P BSE Sensex till yesterday.