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

Gujarat Gas Company has tanked almost 12% to Rs 297 in opening deals after British Gas (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, GSPC signed an agreement for acquisition of 65.12% stake in Gujarat Gas 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 GSPC Group,” GSPC said in a filing.

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