Gujarat Industries Power Company Share price

Gujarat Industries Power Company Ltd. (GIPCL) wasincorporated as a Public Limited Company on 1st June 1985under the Companies Act 1956 in the State of Gujarat. Thecertificate of commencement of business was obtained on29th August 1985. The Company was jointly promoted byGujarat State Fertilizers Company Ltd. (GSFC) GujaratAlkalies & Chemicals Ltd. (GACL) Gujarat Electricity Board(GEB) and Petrofils Co-operative Ltd. (PETROFILS) (referredto collectively as the Promoters") to meet the specificpower demand of each promoter due to the acute powershortage in Gujarat.The Company is authorised to generate and distribute powerthrough the Gujarat Electricity Board grid system to the"Participating Units" defined in the MOU entered with themvide sanction dated 8-6-1989 from Industries Mines andEnergy Department Government of Gujarat granted underSection 28 of the Indian Electricity Act 1910. Thesanction is granted for a period of 10 years from the dateof sanction. The Company made its initial public offer ofsimultaneous issues of PCDs and NCDs aggregating Rs.31.05crore in July 1992 to part finance its 145 MW gas basedCombined Cycle Power Project. The power plant wentonstream in stages and the combined cylce operations havebeen fully operational since March 1992.