Gujarat Gas Limited has informed the Exchange about communication sent to physical shareholders requesting them to dematerlise their physical holdings in Gujarat Gas Limited.
GUJGASLTD · price
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Gujarat Gas Limited (GGL) has informed the exchanges that it has written to shareholders holding physical share certificates, asking them to convert their holdings into dematerialized (demat) form. This is tied to the Composite Scheme of Amalgamation and Arrangement involving GSPC, GSPL, GEL, GGL, and the new entity GSPL Transmission Limited (GTL), which is awaiting approval from the Ministry of Corporate Affairs. Under the scheme, GGL shareholders will receive 1 equity share of GTL (face value Rs. 10) for every 3 equity shares of GGL (face value Rs. 2) they hold, and these new shares will be issued only in demat form. Shareholders who do not dematerialize before Record Date 3 (yet to be fixed) will have their new GTL shares parked in a Demat Suspense Escrow Account, making the future claiming process lengthy and complicated. The company has appointed Trustwell Management Consulting & Services LLP to assist physical shareholders with the conversion process.
Physical shareholders of GGL should dematerialize their shares at the earliest to ensure they receive the new GTL shares smoothly once the scheme becomes effective; failure to do so will delay and complicate access to the new shares. This is a procedural step linked to the larger restructuring and does not affect the value of existing GGL holdings.