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| Exchange Received Time 17/09/2018 13:53:07 Exchange Disseminated Time 17/09/2018 13:53:14 Time Taken 00:00:07 | In terms of regulation 30 of Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations 2015 read with circular # CIR/CFD/CMD/4/2015 dated 09.09.2015, we hereby inform that;
Government of Gujarat directed to participate in equity of Bhavnagar Energy Company Limited (BECL) for implementation of 500 MGW power project in Bhavnagar District. Accordingly, the Company participated in equity of BECL and the stake in the said company was infused from time to time as directed by Government of Gujarat. The Company currently holds 5,92,20,000 equity shares of Rs. 10/- each, aggregating Rs.59.22 Crores in BECL.
The Government of Gujarat (GoG) has vide its Notification dated 27/8/2018, published in Gujarat Government Gazette under Gujarat Electricity Industry (Reorganization & Regulation), Act, 2003, notified the Scheme called Gujarat Electricity Reform (Transfer of General Undertakings) Scheme, 2018 for merger of BECL in to Gujarat State Electricity Corporation Ltd. (GSECL), a wholly owned subsidiary of Gujarat Urja Vikas Nigam Ltd., for transfer and vesting in GSECL the undertaking of BECL, in all respects. The said notification dated 27th August, 2018 inter-alia determining the terms and conditions on which the said merger shall be made effective. The notification of Government of Gujarat dated 27.08.2018 is attached for kind information.
The said scheme has become effective from 1/4/2018, which inter-alia, stipulates the terms & conditions on which the said merger is made effective and operate without any further act, deed or thing to be done by GoG or BECL or GSECL or any other person or authority, including the creditors or other persons dealing with GSECL or BECL.
Consequent upon merger, BECL stands liquidated without winding-up and in consideration, GSECL will issue one equity share to each shareholder of BECL against total number of shares held by them as on the date of notification of this Scheme by GoG. Issue of equity shares by GSECL to the shareholders of BECL shall be the consideration for shareholders of BECL, in respect of transfer of the Undertaking of BECL and extinguishment of their rights as shareholder of BECL.
Accordingly, the company in the capacity of shareholder will be issued one equity share of Rs.10/- of GSECL as one of the promoters of BECL and all rights attached thereto by virtue of shareholding in BECL stands extinguished. and there shall be diminution in the value of investment made by the company in BECL.
Kindly take note of the above change.
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