GSPC carries out inter-se transfer of shares

The Gujarat State Petroleum Corporation (GSPC) sold a 28.4 per cent stake in Gujarat Gas Limited (GGL) to its subsidiary Gujarat State Petronet Limited (GSPL) by way of an inter se transfer of shares. With this, GSPC is expected to reduce its Rs 165 billion debt by over Rs 32.5 billion. GSPC had invested $3.5 billion in the Deendayal block in the offshore Krishna-Godavari (KG) basin, which had led to debt accumulation in the company.