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03 September, 2015 13:03 IST
GSPC to pay BG Rs 24.64 bn for 65.12% in Gujarat Gas
Source: IRIS | 04 Oct, 2012, 09.52AM
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State-promoted Gujarat State Petroleum Corporation (GSPC) will acquire 65.12% in Gujarat Gas Company (GGCL) for Rs 24.64 billion.

GSPC, along with its affiliates in the Group, signed definitive agreements on Wednesday for buying the stake from the BG Group.

BG`s shareholding is being acquired by Gujarat Distribution Networks (GDNL), in which the GSPC Group holds 100% stake.

The acquisition is being made at Rs 295 a share. GDNL will pay Rs 24.64 billion to BG for the acquisition.

Tapan Ray, MD, GDPC Group said, ``We are pleased to announce this acquisition that enhances GSPC group`s presence in the state of Gujarat. The acquisition is in the long-term interest of the industrial and retail customers of Gujarat.``

Shares of the company gained Rs 1.65, or 2.04%, to trade at Rs 82.65. The total volume of shares traded was 80,195 at the BSE (9.48 a.m., Thursday).

Gujarat State Petronet Limited   (Q,N,C,F)*

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