Gujarat Gas slumps on relisting

Shares of Gujarat Gas hit a lower circuit limit of 5% at Rs 646 at 13:22 IST on BSE on relisting on the stock exchanges today, 15 September 2015.

The stock opened at Rs 680, which was also the day's high for the counter so far during the trading session.

The current Gujarat Gas entity is the outcome of merger of Gujarat Gas Company (GGCL), Gujarat State Petroleum Corporation, Gujarat Gas Financial Services, Gujarat Gas Trading Company and GSPC Distribution Networks.

Pursuant to the scheme of amalgamation, 1 share of Rs 10 each of Gujarat Gas was issued for every 1 share of Rs 2 each held in Gujarat Gas Company, 81 shares of Rs 10 each of Gujarat Gas were issued for every 76 shares of Rs 10 each held in GSPC Gas Company and 1 share of Rs 10 each of Gujarat Gas was issued for every 1 share of Rs 10 each held in Gujarat Gas Financial Services.

The new amalgamated entity, Gujarat Gas, has emerged as India's largest city gas distribution player with presence spread across 19 districts in the state of Gujarat. The new entity has India's largest customer base in major user segments: over 10,24,000 domestic households, around 2,750 industrial customers, over 11,500 commercial customers and a network of 234 CNG stations.

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