Stocks

Adani Gas shares jump 18% on Total deal

PTI New Delhi | Updated on October 14, 2019 Published on October 14, 2019

Shares of Adani Gas on Monday zoomed over 18 per cent after French energy giant Total announced acquisition of 37.4 per cent stake in the Gautam Adani-led firm.

The scrip jumped 17.98 per cent to ₹162.40 on the BSE. At the NSE, it advanced 18.41 per cent to ₹163.

Read also: Total buys 37.4 per cent stake in Adani Gas for ₹6,155 crore

The gas marketing and distribution company, however, did not reveal the value of the deal. The announcement comes a year after the two firms announced a 50:50 joint venture to import and retail natural gas.

“The partnership between Adani (50 per cent) and Total (50 per cent) includes several assets across the gas value chain notably two imports and regasification LNG terminals: Dhamra in East India and potentially Mundra in the west, as well as Adani Gas, one of the four main distributors of city gas in India of which Adani holds 74.8 per cent and of which Total will acquire 37.4 per cent,” the French firm said in a statement on Monday.

Published on October 14, 2019
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