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Last Updated : Oct 15, 2019 11:11 AM IST | Source: Moneycontrol.com

Adani Gas gains 13% in 2 days after French co agrees to buy 37.4% stake

Adani Family and TOTAL SA shareholders will ultimately hold 37.4 percent each and public shareholders will hold remaining 25.2 percent.

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Shares of Adani Gas gained more than 3 percent intraday on October 15, taking total two-day gains to 13 percent after signing an agreement with France-based Total SA for sale of 37.4 percent stake in the company.

It was one of the biggest gainers in last one year as it rallied 56 percent. It was quoting at Rs 152.80, up Rs 2.20, or 1.46 percent on the BSE at 1007 hours IST.

"Total will purchase 37.4 percent shares in Adani Gas through a tender offer to public shareholders to acquire up to 25.2 percent shares subject to applicable regulations and purchase the residual shares from Adani Family," company said in its BSE filing on October 14.

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Adani Family and TOTAL SA shareholders will ultimately hold 37.4 percent each and public shareholders will hold remaining 25.2 percent.

"The partnership and equity support from the partners will help Adani Gas Limited accelerate project executions in all its new geographical areas. Adani Gas will also pursue fuel retail business in India and target to setup 1,500 fuel stations offering top of the line products in the coming years," company said.

Company further said both partners would make significant investments in the next 10 years across the businesses to develop India's gas infrastructure, distribution, marketing businesses with presence in over 15 states reaching out to approximately 7.5 percent of India’s population and setting up global scale and world-class LNG, gas distribution and fuel retail infrastructure in India.

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First Published on Oct 15, 2019 11:11 am
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