Stocks

Adani Gas rises on report France's Total close to buying 30% stake in it

Reuters June 14 | Updated on June 14, 2019 Published on June 14, 2019

Gautam Adani, Chairman, Adani Group. File Photo   -  The Hindu

Shares of gas distributor Adani Gas Ltd rose as much as 6.7 per cent to Rs 180, their highest since June 4.

The French energy giant Total SA is reported to be close to buying a 30 per cent stake in Adani Gas for upwards of Rs 5,500 crore ($790.51 million).

The deal is to be announced shortly; it is expected to trigger an open offer to public shareholders, the report said. Total may end up having a roughly equal stake in the company as billionaire promoter Gautam Adani, the report added.

Over 1.3 million Adani Gas shares changed hands by 0427 GMT, versus the 30-day average of 1.5 million shares.

Total did not immediately respond to Reuters' request for comment, while Adani Gas was not reachable. The stock is up 67.4 per cent this year, as of last close. ($1 = 69.5750 Indian rupees)

Published on June 14, 2019

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