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Last Updated : Jun 14, 2019 12:37 PM IST | Source: Moneycontrol.com

Adani Gas climbs 7% as French energy major eyes 30% stake

Adani Gas, an arm of Adani Group, operates a distribution pipeline network of over 6,000 km and caters to nearly 350,000 retail customers, the report said.

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Adani Gas shares rallied 6.8 percent intraday on June 14 after media reports indicated that French energy giant Total SA is close to acquiring a 30 percent stake in Indian gas distribution company.

Total is expected to buy a stake for around Rs 5,500 crore ($800 million).

The deal is expected to trigger an open offer to public shareholders of Adani Gas, and Total may end up having a roughly equal stake in the company as billionaire promoter Gautam Adani, the report said.

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Adani Gas, an arm of Adani Group, operates a distribution pipeline network of over 6,000 km and caters to nearly 350,000 retail customers, the report said.

Total and Adani Gas were not immediately available for comment.

The stock was quoting at Rs 176.25, up Rs 7.70, or 4.57 percent on the BSE at 11:56 hours IST.

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First Published on Jun 14, 2019 12:37 pm
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