Summary of Key Information:

Nature of Filing / Announcement: Disclosure under Regulation 30 of SEBI (Listing Obligations & Disclosure Requirement) Regulations, 2015 - Outcome of the Board Meeting

Corporate Actions:

Acquisition:

  • Approved acquisition of equity shares (Sale Shares) of Incubit Pipavav Terminal Private Limited (formerly known as Gulf Petrochem (India) Private Limited) from some of its existing shareholders
  • Aggregate consideration: INR 44,26,97,141 (Indian Rupees Forty-Four Crores Twenty Six Lakhs Ninety-Seven Thousand One Hundred and Forty One only)
  • Acquisition may be made in multiple tranches over a period of one year from internal reserves of the Company
  • Price per sale share: INR 10.80 (Indian Rupees Ten point Eighty Paise)
  • Strategic purpose: To strengthen the Company's strategic and operational presence at Pipavav and leverage potential synergies through access to IPTPL's tank storage/rental space, terminal facilities and related infrastructure
  • Target company details: CIN: U11200GJ2011PTC108639, engaged in storing and handling bulk petroleum and other liquid products and operating a bulk liquid storage terminal at Pipavav Port, Gujarat
  • Target company turnover: FY 2025-26 – INR 38.48 Crore; FY 2024-25 – INR 25.32 Crore; FY 2023-24 – INR 37.20 Crore
  • Industry: Port Logistics / Bulk Liquid Storage Infrastructure and Terminal Operations
  • Not a related party transaction under Companies Act, 2013, except acquisition from Mrs. Anita Goyal (part of promoter group) which constitutes a Related Party Transaction under SEBI LODR Regulations
  • Transaction to be undertaken on an arm's length basis supported by independent valuation report
  • Subject to fulfilment of conditions precedent under SPA and receipt of statutory, regulatory, corporate and third-party approvals including applicable filings under FEMA
  • Expected completion: Over time from date of execution of SPA, in multiple tranches

Management Changes:

  • Mr. Arjun Verma resigned from position of Chief Financial Officer (CFO) effective October 15, 2026
  • Mr. Arjun Verma will continue to serve as Whole Time Director (Designated as Executive Director (ED)) and Key Managerial Personnel of the Company
  • Resignation due to personal reasons requiring attention and time
  • Mr. Shirish Suvagia appointed as Chief Financial Officer (CFO) and Key Managerial Personnel (KMP) effective October 15, 2026
  • Mr. Shirish Suvagia is not related to any of the Directors of the Company

Updated Key Managerial Personnel:

1. Chairman & Managing Director: Mr. Arjun Verma

2. Executive Director: Mr. Arjun Verma

3. Chief Financial Officer: Mr. Shirish Suvagia (w.e.f. October 15, 2026)

4. Company Secretary & Compliance Officer: Mrs. Kanika Sehgal Sadana

Other Significant Information:

  • Authority granted to execute Share Purchase Agreement (SPA) with Selling Shareholders and IPTPL
  • Authority granted to execute Shareholders' Agreement (SHA) with IPTPL and its shareholders
  • Detailed disclosures provided as per SEBI Circular No. SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123 dated July 13, 2023 and SEBI Master Circular dated January 30, 2026

#GP Petroleums Limited