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Adani Gas Surges 18% On Total's Open Offer To Acquire Stake

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Adani Gas Ltd, part of Adani Group, on Monday in a statement said that French oil and gas major Total SA has made an open offer to acquire 37.4 percent stake in its company for Rs 5,662 crore.

Following the disclosure, shares of Adani Gas jumped as much as 18.4 percent to open at Rs 163 on NSE.

Adani Gas Surges 18% On Total's Open Offer To Acquire Stake
 

"Total will purchase 37.4% shares in Adani Gas Limited through a tender offer to public shareholders to acquire up to 25.2% shares subject to applicable regulations and purchase the residual shares from Adani Family," the statement said.

Citigroup Global Markets India Private Limited, the manager to the offer, has submitted a copy of the public announcement to the stock exchanges for an open offer for the acquisition of up to 27,71,46,602 equity shares from shareholders of Adani Gas Limited by Total Holdings SAS, the company said in a filing.

"Adani Family and TOTAL SA shareholders shall ultimately hold 37.4% each and public shareholders shall hold remaining 25.2%," it Adani Gas Ltd's statement added.

"Adani, the largest infrastructure conglomerate in India, and TOTAL, the world's second largest LNG private player, will serve the fast growing gas demand of the Indian market," it further said.

Story first published: Monday, October 14, 2019, 10:25 [IST]
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