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Last Updated : Apr 11, 2018 01:28 PM IST | Source: Moneycontrol.com

Mahanagar Gas falls 4% post big block deals; BG Asia Pacific may have sold shares

Promoters GAIL and BG Asia Pacific Holdings Pte Limited held 32.50 percent stake each in the gas distribution company.

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Shares of Mahanagar Gas fell 3.8 percent intraday Wednesday after several large block deals in opening which were worth more than Rs 800 crore.

More than 90.5 lakh shares traded on the National Stock Exchange at an average price of Rs 911.10 per share through block deals in opening.

BG Asia Pacific Holdings Pte Limited, one of the promoters, may have sold its some stake through block deals but the company did not mention in its statement published on exchanges.

According to CNBC-TV18 quoting sources, Royal Dutch Shell's BG Asia Pacific was likely to sell Mahanagar Gas' shares via block deal with a floor price at Rs 905 per share, a 4.2 percent discount to Tuesday's closing price, today in opening.

Base size for the deal was supposed to be 7.4 million shares with an upsize option of 4.9 million shares.

Promoters GAIL and BG Asia Pacific Holdings Pte Limited held 32.50 percent stake each in the gas distribution company.

Meanwhile, Mahanagar Gas (MGL) in its statement to exchanges said since this is the prerogative of promoters, the company has nothing to comment.

"MGL is an independent board managed company with proven track record in city gas distribution (CGD) business. Day to day decisions are taken by Apex Executive Committee. Except one whole time director each from GAIL & BG (Shell), all other members of Apex Executive Committee are company executives with long experience in CGD industry.

In fact, there was an indirect change in holding of one promoter, when in February 2016, Royal Dutch Shell acquired BG (British Gas) worldwide. The business did & will continue as normal, irrespective of any change in shareholding, it added.

At 12:06 hours IST, the stock price was quoting at Rs 915.15, down Rs 29.40, or 3.11 percent on the BSE.
First Published on Apr 11, 2018 01:28 pm
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