GSPC set to merge with Gujarat Gas
The long-pending compliance process between GSPC group companies and Gujarat Gas is expected to be completed by Oct, following the approval of the amalgamation plan by various Govt of India authorities and the Gujarat govt.
The govt of Gujarat provided an "in-principle" approval for a composite scheme of arrangement involving the GSPC group of companies at a meeting chaired by chief minister Bhupendra Patel on June 19, 2024.
The final approval for the scheme was granted in May this year. According to the scheme, GSPC, GSPL (Gujarat State Petronet Ltd) and GSPC Energy Ltd (GEL) amalgamate with Gujarat Gas Limited. There will also be a demerger of the Gas Transmission Business Undertaking into GSPL Transmission Limited.
GSPC, India's second largest natural gas trading company, has significantly contributed to establishing Gujarat as a "gas-based economy" by achieving a scale that fosters greater synergies with GGL.
by Taboola
by Taboola
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The central govt aims to increase the share of natural gas in India's energy basket from 6% to 15%. Over the past five years, GSPC recorded cumulative revenues exceeding Rs 1 lakh crore and a PAT of over Rs 6,500 crore.
Conversely, GSPL's growth has not been fully reflected in its valuation due to the holding company discount. A senior official commented that after the merger, valuation is expected to rise significantly.
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According to sources, the exchange ratio for the amalgamation is set as follows: 10 shares of GGL (FV Rs 2) for every 305 equity shares of GSPC (FV Re 1); for GSPL, 10 shares of GGL (FV Rs 2) for every 13 equity shares of GSPL (FV Rs 10); and for the demerger of the Gas Transmission Business undertaking, 1 equity share of GTL (FV Rs 10) for every 3 equity shares of GGL (FV Rs 2).
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