Gujarat Gas shares rise over 1% ahead of shareholder meeting on merger plan
Shares of Gujarat Gas rose 1.3% to their day’s high of Rs 440 on the BSE on Tuesday as the company, along with Gujarat State Petronet Ltd. (GSPL) and Gujarat State Petroleum Corp. (GSPC), seeks approval from shareholders on September 17 for its proposed amalgamation scheme.
Share swap ratios
Under the scheme, GSPC shareholders will receive 10 shares of Gujarat Gas for every 305 shares held, while GSPL shareholders will be allotted 10 shares of Gujarat Gas for every 13 shares they own. Gujarat Gas shareholders will also receive one share of GSPL Transmission for every three shares they hold, reflecting the demerger of the transmission business.
