Background and Government Directive

The Government of Gujarat, via letter reference No. PTD/1,1Stv{/e-filel22/202211346/GB-1 dated 24th June 2026, approved revision in the shareholding pattern and composition of the Board of Directors of GPLCL. GSFC held a 60% stake in GPLCL, and pursuant to this directive, its shareholding was to be reduced to 11%.

Rights Issue Offer

GPLCL offered a rights issue of 30,00,000 equity shares. GSFC received a Letter of Offer dated 21st September 2026 (and an extension) for 18,00,000 equity shares on a rights basis.

Board Decisions (2nd November 2026 Meeting)

The Board of Directors approved the following actions in response to the government directive and rights issue offer:

  • Renouncement of Rights Entitlement: GSFC will renounce its entire rights entitlement of 18,00,000 equity shares:
  • 13,00,000 equity shares in favour of Gujarat Industrial Development Corporation (GIDC).
  • 5,00,000 equity shares in favour of Gujarat Rail Infrastructure Development Corporation Limited (G-RIDE).
  • Share Transfer: GSFC will transfer 6,50,000 equity shares (of Rs. 10 each) from its existing holding of 12,00,000 shares to Gujarat Maritime Board (GMB), an existing shareholder of GPLCL. The consideration is Rs. 10 per share (face value), totaling Rs. 65,00,000.

Post-Transaction Holding and Subsidiary Status

After the share transfer and rights renouncement, GSFC's holding in GPLCL will be reduced to 5,50,000 equity shares (11% of the share capital). Consequently, GPLCL will cease to be a subsidiary of GSFC.

Financial and Operational Impact

GPLCL is not a material subsidiary as per SEBI Listing Regulations. It has not commenced operations, resulting in nil turnover for the financial year ended 31st March 2026. The cessation of subsidiary status will not affect GSFC's revenue or business.

Transaction Details

  • Consideration: Rs. 65,00,000 for the transfer of 6,50,000 shares to GMB.
  • Buyer Details: Gujarat Maritime Board (GMB) is promoted by the Government of Gujarat (also the promoter of GSFC). GMB was constituted in 1982 under the Gujarat Maritime Board Act, 1981. As per FY 2024-25 financials, GMB had a total revenue of Rs. 1057 Crores and a Profit After Tax of Rs. 980 Crores.
  • Related Party Transaction: The transaction does not qualify as a related party transaction.
  • Expected Completion Date: The disclosure states necessary intimation will be made to stock exchanges upon completion of the share transfer. No specific date is provided.

Meeting Logistics

The Board Meeting commenced at 16:30 hours (IST) and concluded at 17:25 hours (IST) on 2nd November 2026.