GTGSPL Transmission544801Scheme implementation

Audit Committee and Independent Directors certify shareholders compensated for fractional entitlements

GSPL Transmission has completed compensating shareholders who were due fractional entitlements under the Composite Scheme.

By ScoutQuest · Tue 3 Nov 2026, 7:51 PM IST · 3 min read

Shares sold by trustee

~1.46 lakh equity shares

Net sale proceeds distributed

1,71,37,815.18

Net dividend distributed

Rs. 6,57,819

What the update says

GSPL Transmission has informed the exchanges that its Audit Committee and its Committee of Independent Directors have certified that shareholders eligible for fractional entitlements under the Composite Scheme of Amalgamation and Arrangement have been compensated. The certification covers the sale proceeds of the consolidated fractional entitlement shares and the dividend on them.

How the fractional entitlement worked

• Under the Scheme, ~31.27 crore equity shares of INR 10 each of the company were allotted on 8 July, 2026 to shareholders of Gujarat Energy Limited (formerly Gujarat Gas Limited), in the ratio of 1 equity share of INR 10 for every 3 equity shares of INR 2 held.
• Some shareholders became entitled to fractions. Instead of issuing fractional shares, the company consolidated them to the next whole number and allotted ~1.13 lakh equity shares of INR 10 each to IDBI Trusteeship Services Limited as independent trustee, and a further 32,778 equity shares to the trustee towards the entitlement on consolidation of fractional shares of Gujarat Energy Limited.
• The trustee held these shares in trust for eligible shareholders and was to sell them in the market and pass back the proceeds.

What was sold and what was paid out

• The trustee sold the entire ~1.46 lakh equity shares in three tranches in October 2026: 3,946 shares, 1,22,236 shares and 20,000 shares.
• Gross proceeds were 1,71,49,105.18; net proceeds distributable to shareholders after deduction of expenses were 1,71,37,815.18.
• The company also received net dividend of Rs. 6,57,819 from the trustee. This relates to the FY 2025-26 dividend of 50%, that is Rs. 5 per share on equity shares of face value Rs. 10 each, on the ~1.46 lakh shares held on the record date of 11 September, 2026.
• Distribution to eligible shareholders was completed on 28 October, 2026 in proportion to their fractional entitlements, after deduction of applicable TDS.

A point flagged in the update

• The 90-day period for selling the consolidated fractional shares, counted from the allotment date of 8 July, 2026, ended on 5 October, 2026.
• The company states that final listing and trading approval for its equity shares became effective only from 30 September, 2026, so only three trading days were available within that window, and that a lower circuit prevented the trustee from selling the full quantity by 5 October, 2026.
• The company has applied to SEBI for exemption and for extension of the 90-day timeline, and later for condonation of delay; the matter is pending before SEBI.

What this means for a retail holder

• If you held shares in the demerged company and were due a fraction of a share, you receive cash for that fraction plus the dividend on it, instead of a fractional share.
• The twin certification by the Audit Committee and the Independent Directors is the confirmation that the sale, collection and payout to eligible shareholders has been carried through.
• The pending SEBI application concerns the timing of the sale, not the payout, which the update states is complete.

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