GSPC Distribution Networks (GDNL) has acquired 65.12% stake in Gujarat Gas Company from BG Asia Pacific Holdings (BGAPH) today. Earlier Mar.12, 2013, it had acquired 8.58% shares under the open offer. With this, GDNL has acquired 73.70% stake in Gujarat Gas Company.
The board of directors of Gujarat Gas Company has appointed Varesh Sinha, D. J. Pandian, Tapan Ray, Dr. Hasmukh Adhia and Sugata Sircar, nominee directors of GDNL, as additional directors.
Varesh Sinha has been appointed as the chairman and Sugata Sircar appointed as managing director for a period of six months starting from Jun. 12, 2013, pursuant to his nomination as the managing director of the company by GDNL.
Shares of the company gained Rs 3.05, or 1.49%, to settle at Rs 207.60. The total volume of shares traded was 2,223 at the BSE (Wednesday).