A transformation formula involving the Gamma and Riemann zeta functions in Ramanujan's Lost Notebook

In 'The Lost Notebook and Other Unpublished Papers' of Ramanujan are present some manuscripts of Ramanujan in the handwriting of G. N. Watson which are 'copied from loose papers'. We present a proof of a beautiful formula of Ramanujan in one of these manuscripts, namely a transformation formula involving the Gamma function and Riemann Zeta function. This formula elegantly yields a modular relation. Later we also give another proof of the first equality of this transformation formula along the lines suggested by Andrew P. Guinand.