GAGA Share Market News

[hfe_template id='11223'] [ad_1] Kolkata-based conglomerate ITC Ltd. has allotted 125.11 crore equity shares of ITC Hotels to its shareholders. The decision was finalized during a Board meeting on January 11, 2025, following a scheme of arrangement between ITC Ltd. and ITC Hotels (ITCHL). In an exchange filing, ITC stated, "The Board of Directors of ITCHL, at the meeting held today, January 11, 2025, has allotted 125,11,71,040 equity shares of Rs 1 each to the shareholders of the company as of the record date, January 6, 2025, pursuant to the Scheme of Arrangement among ITC Limited, ITCHL, and their respective shareholders and creditors." Following this development, ITC Hotels ceased to be a subsidiary of ITC Ltd., effective January 11, 2025. The share allotment is part of the restructuring under Sections 230 to 232 of the Companies Act, 2013, focusing on the demerger and reorganization of the two companies. ITC Hotels plans to apply for listing the newly allot...

[hfe_template id='11223'] [ad_1] Shares of Gujarat Gas surged 13.6% to its new all-time high of Rs 689.45 on BSE after the company on Friday announced the restructuring of its group entities Gujarat State Petroleum Corporation (GSPC), Gujarat State Petronet (GSPL), and Gujarat Gas, following which the brokerages have upgraded the stock’s target price up to Rs 715. Under the restructuring, the merger of GSPC with GGL will witness an issuance of 10 equity shares of GGL for every 305 shares of GSPC held by the shareholders while under the merger of GSPL with GGL, 10 shares of GGL will be issued against every 13 shares of GSPL held. Additionally, under the demerger scheme of the gas transmission business from GGL into the newly incorporated entity GSPL Transmission (GTL), 1 new share of the GTL will be issued for every 3 shares of GGL held. “The merger of GSPC with GGL, by combining the inter-linked businesses, will unlock business synergies, amplifying the scale of operatio...