 "Gujarat Gas to list on bourses on Sept 15")
Equity shares of the newly merged cIty gas distribution (CGD) player, Gujarat Gas Limited (GGL), will be listed to dealings of exchanges from Tuesday. In an official communique, the company said GGL shares will be part of special pre-open session for initial public offer (IPO) and other category of scrips for price discovery.
With the merger GGL has became the country's largest CGD player, with a daily volume of about 6.5 million metric standard cubic metres per day (mmscmd). Moreover, the new entity has one of the largest customer bases in major user segments, including over 1,024,000 domestic households, around 2,750 industrial customers, over 11,500 commercial customers and a network of 234 CNG stations.
Trading of the earlier listed entity Gujarat Gas Company Limited (GGCL) had been put under suspension on stock exchanges for procedural reasons. On May 26 this year, GGCL shares had last closed on BSE at Rs 745.60 apiece.
Merged from the erstwhile GGCL, GSPC Gas, and Gujarat Gas Financial Services Limited, the scheme of amalgamation had seen equity shares of Rs 10 each of GGL being issued for every one equity share of Rs 2 each held in GGCL, 81 equity shares of Rs 10 each of GGL being issued for every 76 equity shares of Rs 10 each held in GSPC Gas Company Limited and one GGL equity share of Rs 10 each being issued for every one equity share of Rs 10 each held in Gujarat Gas Financial Services Limited.
The issued, subscribed and paid-up equity capital of the company post arrangement is Rs 1,37,67,80,250 consisting of 13,76,78,025 equity shares of Rs 10 each. According to the official statement, the record date was May 28, 2015 for the issue of shares.
As per the statement, on BSE the shares shall be listed and admitted to dealings on the exchange in the list of 'T' Group of Securities. Further in terms of Securities and Exchange Board of India (Sebi) circular, the scrip will be in trade-for-trade segment for 10 trading days. On the National Stock Exchange (NSE), the shares shall be available for trading in Series 'BE' - trade-for-trade and subsequently be shifted to Series 'EQ'.
With presence across 19 districts of Gujarat, the newly merged entity recently won projects for Union Territory of Dadra Nagar Haveli and Thane GA (including Palghar district) of Maharashtra.
