Gujarat Energy Limited’s Board of Directors has approved the request from Gujarat State Energy Generation Limited (GSEG), its promoter, to be reclassified as a public shareholder. This decision, made on August 11, 2026, is contingent upon meeting SEBI Listing Regulations requirements. The reclassification follows a change in corporate structure where GSEG became a subsidiary of Gujarat Energy Limited.
Board Approves Promoter Reclassification
Gujarat Energy Limited (GEL) announced today, August 11, 2026, that its Board of Directors has considered and approved a request for reclassification. The request was made by Gujarat State Energy Generation Limited (GSEG), the company’s promoter, seeking to be moved from the ‘Promoter’ category to the ‘Public Shareholder’ category.
Details of Reclassification
This reclassification is a result of a change in the corporate structure. Following a Scheme of Arrangement, GEL now holds 65.45% of the Equity Share Capital of GSEG, making GSEG a subsidiary of GEL. Consequently, GSEG functions both as a promoter with a 0.14% holding in GEL and as a subsidiary. The Board’s approval is subject to GSEG complying with the requirements of Regulation 31A of the SEBI Listing Regulations.
Confirmation and Undertaking
As per Regulation 31A(3)(b) of the SEBI Listing Regulations, GSEG has confirmed that neither it nor any related persons jointly hold more than 10% of the total voting rights in GEL, do not exercise control over GEL, and possess no special rights. GSEG has also provided an undertaking to comply with Regulation 31A(4) upon reclassification.
Board’s View
The Board concluded that GSEG meets the conditions for reclassification under Regulation 31A of the SEBI Listing Regulations. Therefore, GSEG is eligible for reclassification from the ‘Promoter and Promoter Group’ category to the ‘Public’ category, pending necessary approvals. The board meeting commenced at 3:00 P.M. and concluded at 4:45 P.M. on August 11, 2026.
Source: BSE
