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Adani Gas Ltd.

BSE: 542066 Sector: Others
NSE: ADANIGAS ISIN Code: INE399L01023
BSE 00:00 | 24 Apr 2020 Adani Gas Ltd
NSE 05:30 | 01 Jan 1970 Adani Gas Ltd

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OPEN 98.95
PREVIOUS CLOSE 99.15
VOLUME 89952
52-Week high 194.55
52-Week low 76.70
P/E 27.25
Mkt Cap.(Rs cr) 10,701
Buy Price 97.00
Buy Qty 2791.00
Sell Price 97.30
Sell Qty 980.00
OPEN 98.95
CLOSE 99.15
VOLUME 89952
52-Week high 194.55
52-Week low 76.70
P/E 27.25
Mkt Cap.(Rs cr) 10,701
Buy Price 97.00
Buy Qty 2791.00
Sell Price 97.30
Sell Qty 980.00

Adani Gas Ltd. (ADANIGAS) - Company History

Adani Gas Limited (AGL) was incorporated on August 5th 2005 in Navrangpura Ahmedabad. The Company is engaged in City Gas Distribution (CGD) business and supplies natural gas to transport domestic commercial industrial and vehicle users in 13 geographical areas. The Operations of AGL is spread across Ahmedabad Vadodara Faridabad and Khurja location. The Company is having 82 CNG ?lling stations as on March 31 2019 with compression capacity of 2.0 million Kg/day thus providing the gas to ~ million vehicles. It also supplies PNG to more than 0.38 million domestic customers 2500 commercial customers and 1300 industrial customers through a connected pipeline network over 6661 km including 430 km of steel and 6231 km of polyethylene pipeline.During the year 2017 Adani Enterprises Limited transferred 256742040 (100%) equity Shares of the Company to Adani Gas Holdings Limited. Accordingly the Company has become whollyowned Subsidiary Company of Adani Gas Holdings Limited w.e.f. 29th March 2017 and continues to be a step-down 100% subsidiary of Adani Enterprises Limited.During the year under review the Board of Directors at its meeting held on 18th January 2018 had approved the Composite Scheme of Arrangement among Adani Gas Holdings Limited (AGHL) and Adani Gas Limited (the Company) and Adani Enterprises Limited (AEL) and their respective shareholders and creditors for: (a) Amalgamation of AGHL with the Company; and (b) Subject to satisfactory fulfilment of (a) above i.e. upon amalgamation of AGHL with the Company becoming effective demerger of the Demerged Undertaking of AEL and transfer of the same to the Company. The rationale for Composite Scheme of Arrangement are as under:(i) The amalgamation of AGHL with Company is for simplification of holding structure resulting in reduction of managerial overlaps and reduction in multiplicity of legal and regulatory compliances. (ii) Further considering following factors it is desired to segregate Gas Sourcing and Distribution Business by way of demerger and transfer the same to Company from other businesses of AEL:(a) To lend greater/enhanced focus to the operation of Gas Sourcing and Distribution Business and the other businesses.(b) To facilitate management to efficiently exploit opportunities for each of Gas Sourcing and Distribution Business and the other businesses.(c) To create enhanced value for shareholders by allowing a focused strategy and specialization for sustained growth.(d) To provide scope for independent collaboration and expansion pertaining to Gas Sourcing and Distribution Business.The said scheme is effective upon approval of shareholders and creditors Hon'ble National Company Law Tribunal and other regulatory and statutory approvals as applicable.During the period the Equity Shares of the Company got listed on 5 November 2018 on both the recognised Stock Exchanges i.e. BSE Limited and National Stock Exchange of India Limited pursuant to Scheme of Arrangement.During the year under review the Hon'ble National Company Law Tribunal Bench at Ahmedabad (NCLT) had vide its order dated 3 August 2018 sanctioned the Composite Scheme of Arrangement among Adani Gas Holdings Limited (AGHL) and Adani Gas Limited (AGL) and Adani Enterprises Limited (AEL) and their respective Shareholders and Creditors. The scheme was approved by the shareholders secured and unsecured creditors of the Company with requisite majority on 3 July 2018. The Scheme inter-alia provided for:-a. amalgamation of AGHL with AGL (Part II of the Scheme); and i. Upon the effectiveness of Part II of Scheme and in consideration of amalgamation of the AGHL with AGL - a. 1 equity share of Rs 10/- each of the AGL credited as fully paid-up for every 1 compulsorily convertible preference share of Rs 10/- each to compulsorily convertible preference shareholder of AGHL. b. 1 Preference Share of Rs 10/- each of the AGL credited as fully paid-up for every 1 equity share of Rs 10/- to equity shareholder of AGHL. The Company had fixed 26 August 2018 as record date to determine its shareholders who would be entitled to shares of the Company as aforesaid pursuant to Part II of the Scheme. Accordingly the Board of Directors of Company had on 26 August 2018 allotted Equity Shares and Preference Shares to those shareholders of AGHL whose names appeared in the Register of Members as on the Record Date in the above mentioned ratio. b. Subject to satisfactory fulfillment of (a) above demerger of the Demerged Undertaking (as Defined in the Composite Scheme of Arrangement) of AEL and transfer of the same to the AGL (Part III of the Scheme). i. Upon the effectiveness of Part III of the Scheme and in consideration of transfer and vesting of Demerged Undertaking into Resulting Company:- a. 1 (One) equity share of Rs 1/- each of AGL credited as fully paid up for every 1 equity share of Rs 1/- each to equity shareholder of AEL. b. AEL had fixed 7 September 2018 as record date to determine its shareholders who would be entitled to shares of the Company as aforesaid pursuant to the Scheme.During the year 2019 pursuant to composite scheme of arrangement the Company ceased as step-down subsidiary of Adani Enterprises Limited and as subsidiary of Adani Gas Holdings Limited.


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