Gujarat Energy Limited has disclosed the outcome of its Board Meeting held on Tuesday, 11th August, 2026 regarding a reclassification request from its promoter.

The Board of Directors considered and approved the request received from Gujarat State Energy Generation Limited (GSEG) seeking reclassification from the 'Promoter' category to the 'Public Shareholder' category. This approval is subject to compliance with the requirements of Regulation 31A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and obtaining necessary approvals.

The reclassification request was made in view of a change in corporate structure pursuant to a Scheme of Arrangement. The Board noted that:

  • Equity shares of GSEG previously held by Gujarat State Petroleum Corporation Limited (approx. 64.50%) and Gujarat State Petronet Limited (approx. 0.94%) were transferred to Gujarat Energy Limited
  • Consequently, Gujarat Energy Limited now holds 65.45% of the equity share capital of GSEG, making GSEG its subsidiary
  • GSEG currently functions both as a promoter (holding 0.14% in the paid-up equity share capital of GEL) and as a subsidiary of GEL

The Board confirmed that GSEG meets the requirements under Regulation 31A(3)(b) of SEBI Listing Regulations, including:

  • GSEG and related persons together hold no more than 10% of total voting rights in GEL
  • GSEG does not exercise control over GEL's affairs directly or indirectly
  • GSEG has no special rights through formal or informal arrangements
  • GSEG has no representation on GEL's Board of Directors
  • GSEG does not act as Key Managerial Personnel in GEL
  • GSEG is not a 'Wilful Defaulter' per RBI Guidelines
  • GSEG is not a fugitive economic offender

GSEG has provided an undertaking to comply with requirements specified in Regulation 31A(4) of SEBI Listing Regulations upon reclassification.

The Board Meeting commenced at 3:00 PM and concluded at 4:45 PM on 11th August, 2026.

This disclosure is made under Reference Regulation 31A(8) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.