Gujarat Natural Resources will hold its 35th Annual General Meeting on September 30, 2026, to consider a 1:10 sub-division of equity shares and approve material related-party transactions. The meeting will be conducted via video conferencing.

The Board of Directors recommended the share split to enhance liquidity and widen the shareholder base. The proposal involves converting one fully paid-up equity share of face value ₹10 into ten shares of face value ₹1 each. This action will not alter the total authorized or paid-up capital of ₹165 crore and ₹153.4 crore respectively, but will increase the number of shares proportionately.

Share Capital Structure

The following table outlines the impact of the proposed sub-division on the company's share capital:

Related-Party Transactions

Shareholders are also asked to approve ongoing transactions with four related parties for FY28. Each transaction is capped at ₹150 crore. The entities involved are Rhetan TMT Limited, Ashnisha Industries Limited, Lesha Industries Limited, and Ashoka Metcast Limited. These transactions include the sale and purchase of goods, services, and inter-corporate loans.

Promoter Shalin Shah and Director Ashok Shah hold significant stakes in these entities. For instance, Shalin Shah holds a 22.18% stake in Ashoka Metcast Limited and a 16.52% stake in Lesha Industries Limited. The Audit Committee has reviewed these deals, confirming they are on an arm's-length basis.

Board Appointments

The meeting will also regularize the appointment of Mrs. Jhanvi Vikas Sethi as a Non-Executive Independent Director for a five-year term starting August 14, 2026. Additionally, Managing Director Shalin Ashok Shah will retire by rotation and offer himself for re-appointment.

Gujarat Natural Resources has resumed its drilling campaign with 2 rigs following the monsoon break, aiming to meet targets set for March 31, 2027.

Operational update

The company and its subsidiary, GNRL Oil & Gas (I) Private Limited (GOGIL), are deploying two drilling rigs in different locations for simultaneous operations. This aggressive development and appraisal programme follows a pause due to seasonal rains. During the pre-monsoon campaign, the company drilled 5 wells, comprising 4 development wells and 1 appraisal well.

All four development wells are currently producing oil and gas. The company is also pursuing new exploration and producing assets in India and abroad, with alliances forged for potential acquisitions currently in advanced stages of negotiation.

Kathana appraisal well confirms reserves

The appraisal well drilled at North Kathana has proved substantial oil and gas reserves in the EPIV, Cambay Shale and Olpad formations. Testing and evaluation of each prospective layer are under progress. Based on these positive results, further development wells are being planned in North Kathana.

The following table summarises the key operational developments:

The resumption of drilling, combined with production from four development wells and confirmed reserves at North Kathana, reflects active progress across the company's exploration and development operations.