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).