A day after acquiring a majority stake in
Gujarat Gas Co Ltd (GGCL) for about Rs 2,464 crore,
Gujarat State Petroleum Corp (GSPC) on Thursday launched an open offer to buy an additional 26 per cent from the market.
GSPC along its subsidiaries GSPC Distribution Networks Ltd, Gujarat State Petronet Ltd (GSPL) and GSPC Gas Co Ltd announced an open offer to the equity shareholders of Gujarat Gas Co Ltd.
According to the open offer, the companies are proposing to acquire up to 33,345,000 fully paid up equity shares of Rs 2 each in GGCL at Rs 314.17 apiece.
GSPC Distribution Networks Ltd had on Wednesday acquired British energy major BG Group's 65.12 per cent stake in GGCL at Rs 295 apiece or Rs 2,463.80 crore.
The Gujarat government-owned firms in the public announcement said JM Financial Institutional Securities Pvt Ltd is the lead manager for the Offer.
GSPC had initially bid for the GGCL stake along with state-run Oil and Natural Gas Corp (ONGC) and Bharat Petroleum Corp Ltd (BPCL) but finally acquired the stake alone.
GSPC is the country's largest distributor of natural gas with total volume of about 8 million cubic metres a day.
The open offer price is Rs 314.17 a share, aggregating to Rs 1,047.6 crore for the 26 per cent stake.
Shares of GGCL closed 8.52 per cent down at Rs 308 on the Bombay Stock Exchange (BSE).
Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
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