Gujarat Gas is requesting physical shareholders to dematerialize their holdings in light of the Composite Scheme of Amalgamation and Arrangement. Shares will be issued in dematerialized form only following the scheme’s approval. Shareholders are encouraged to convert their existing physical holdings into Demat form for seamless processing and to avoid potential complications.
Dematerialization of Shares
Gujarat Gas is urging shareholders holding physical shares to convert them into dematerialized (Demat) form. This request is related to the implementation of the Composite Scheme of Amalgamation and Arrangement.
Scheme of Amalgamation
A Composite Scheme of Amalgamation and Arrangement has been announced involving Gujarat State Petroleum Corporation Limited, Gujarat State Petronet Limited, GSPC Energy Limited, Gujarat Gas Limited, and GSPL Transmission Limited. Upon the Scheme becoming effective and sanctioned by the Ministry of Corporate Affairs, Gujarat Gas and GSPL Transmission will proceed with issuing and allotting shares.
Share Exchange Ratio
As per the Scheme, shareholders of Gujarat Gas will receive shares of GSPL Transmission Limited (GTL) in the following ratio: 1 (one) fully paid-up equity share of ₹10 each of GTL for every 3 (three) fully paid-up equity shares of ₹2 each held in Gujarat Gas Limited. It is important to note that GSPL Transmission Limited will issue and allot shares in dematerialized form only.
Implications for Physical Shareholders
If physical shares of Gujarat Gas Limited are not dematerialized before the Record Date 3, the new shares to be issued as per the Share Exchange Ratio will be transferred to the Demat Suspense Escrow Account opened by GSPL Transmission Limited and then transferred to your name only upon providing Demat account details and other necessary documents.
Benefits of Holding Shares in Demat Form
Assistance for Dematerialization
Gujarat Gas has appointed a contact to assist shareholders with updating their KYC, dematerializing physical shares, obtaining duplicate share certificates, transmission of shares, and other related matters. Shareholders are requested to contact the provided contact or send an email with updated details for assistance.
Source: BSE
