You are here: Home » Markets » News
Business Standard

Gujarat Gas tanks as British Gas exits

GSPC made an open offer to acquire additional 26% stake in Gujarat Gas at price of Rs 314.17 per share

SI Reporter  |  Mumbai 

Gujarat Gas Company has tanked almost 12% to Rs 297 in opening deals after (BG) sold controlling stake in its Indian subsidiary to the state-owned company Gujarat State Petroleum Corporation (GSPC) for Rs 2,464 crore.

“On Wednesday, signed an agreement for acquisition of 65.12% stake in Company from BG Group at Rs 295 per share. BG’s shareholding is being acquired by Gujarat Distribution Networks Limited, a company in which 100% is held by Group,” said in a filing.

Meanwhile, Gujarat Distribution Networks Limited along with has made an open offer to acquire additional 33.34 million shares constituting 26% of the fully paid-up share capital of at price of Rs 314.17 per share.

The stock opened at Rs 314 and touched high of Rs 316 on the NSE. A combined 1.02 million shares have changed hands on the counter in opening deals on both the exchanges.

First Published: Thu, October 04 2012. 09:30 IST
RECOMMENDED FOR YOU