Gujarat State Petronet to hike its stake to 27.47% in Sabarmati Gas
Gujarat State Petronet (GSPL) announced that GSPL along with other promoters of Sabarmati Gas ("SGL") has entered in to the share purchase agreement with the financial investors of Sabarmati Gas and SGL, wherein, GSPL has agreed to purchase 27,43,070 no. of equity shares having face value of Rs.10/- each (constituting 13.71% of the total paid-up equity share capital of SGL) from the financial investors of SGL.Upon fulfillment of the conditions of the share purchase agreement, SGL will become an associate Company of GSPL with GSPL holding 27.47% of the fully paid up equity share capital SGL. Sabarmati Gas is operating the City Gas Distribution network in the districts of Gandhinagar, Mehsana and Sabarkantha in northern Gujarat.
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