GSPL Transmission lists, completing the GSPC demerger — with ₹1,800 crore of expansion already awarded

On September 30, the equity shares of GSPL Transmission Limited (GTL) began trading on the BSE and NSE. The company's press release, filed the same evening, calls this the "significant final step" in implementing the mega merger–demerger Scheme of Arrangement involving the GSPC Group of Companies. GTL is the Resulting Company of that scheme: the gas transmission business of erstwhile Gujarat State Petronet Limited (GSPL) was demerged into it. Shareholders who held GSPL now also hold a separately listed pipeline operator — this brief lays out what the filings say that entity owns, what it has committed to build, and what to watch next.

All five of GTL's September 30 filings — the listing press release, AGM proceedings, insider-trading code, authorised-persons disclosure and trading-window closure — reached the exchange after the market close. The adjusted price series available to this report begins the next session, October 1, at a close of ₹137.20; the September 30 debut session's close is not in that series, so no listing-day move is quoted here. At the October 1 close the market capitalisation works out to roughly ₹4,516 crore.

The "second largest gas transmission company in India" ranking is the chairman's characterisation in the company's own release — the filing does not name the comparator set. What the release does establish factually is the asset base: roughly 2,900 km of mostly high-pressure pipeline across Gujarat, run on open access, connected to the state's major supply sources and demand centres.

The scale of the committed spend is the detail worth sitting with. The Anjar–Palanpur EPC contract alone, at an estimated cost of approximately ₹1,800 crore, is about 40% of the company's ≈₹4,516 crore market capitalisation at the October 1 close — a computed comparison, not a figure from the filing. The release says the pipelines under implementation will further augment GTL's transmission network and improve transportation tariff; it does not state how the build-out will be funded, what the timelines are, or what the regulatory tariff treatment will be. Those answers will have to come from the company's own disclosures now that it reports as a listed entity.

The rest of the September 30 batch is the paperwork of a company settling into listed life. The second AGM was held on September 29 via video conference, from 4:00 p.m. to 4:58 p.m. The company filed its Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information, adopted with effect from May 1, 2026, and named its Company Secretary, Chief Financial Officer and Vice Chairperson as the persons authorised to determine materiality of events for disclosure.

Most relevant for the calendar: the trading window for designated persons closed from October 1 and will reopen 48 hours after the company announces its financial results for the quarter ended September 30, 2026. The board meeting date, the filing says, will be intimated separately. Those results will be GTL's first quarterly disclosure as a listed entity, coming after the FY26 audited standalone and consolidated financial statements and a ₹5-per-share dividend already adopted at the AGM held September 29.