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Gujarat Gas Company has rallied 9% to Rs 242 after its board approved the consolidation of city gas distribution business.
"As a part of this consolidation process, city gas distribution companies GSPC Distribution Networks, GSPC Gas, Gujarat Gas Financial Services and Gujarat Gas Trading Company will be amalgamated," Gujarat Gas said in a statement.
Based on advisor’s recommendations, the board will give approval to the final consolidation plan, it added.
The company has appointed KPMG (India) as advisors for conceptualisation and implementation of the proposed scheme of amalgamation. "The amalgamated company will have all cIty gas distribution businesses of GSPC under one roof; hence, there could be some synergies. GSPC had acquired 65% stake in Gujarat Gas during CY2012," analysts at Angel Broking said in a client note.
The stock opened at Rs 227 and touched a high of Rs 253 on the BSE. A combined 191,560 shares changed hands on the counter so far on the BSE and NSE.
"As a part of this consolidation process, city gas distribution companies GSPC Distribution Networks, GSPC Gas, Gujarat Gas Financial Services and Gujarat Gas Trading Company will be amalgamated," Gujarat Gas said in a statement.
Based on advisor’s recommendations, the board will give approval to the final consolidation plan, it added.
The company has appointed KPMG (India) as advisors for conceptualisation and implementation of the proposed scheme of amalgamation. "The amalgamated company will have all cIty gas distribution businesses of GSPC under one roof; hence, there could be some synergies. GSPC had acquired 65% stake in Gujarat Gas during CY2012," analysts at Angel Broking said in a client note.
The stock opened at Rs 227 and touched a high of Rs 253 on the BSE. A combined 191,560 shares changed hands on the counter so far on the BSE and NSE.
