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Adani Gas shines on signing definitive agreements with TOTAL to create India’s premier integrated gas utility

Adani Gas shines on signing definitive agreements with TOTAL to create India’s premier integrated gas utility

Adani Gas is currently trading at Rs. 150.30, up by 12.65 points or 9.19% from its previous closing of Rs. 137.65 on the BSE.

The scrip opened at Rs. 162.40 and has touched a high and low of Rs. 162.40 and Rs. 148.80 respectively. So far 662307 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 1 has touched a 52 week high of Rs. 184.25 on 04-Jun-2019 and a 52 week low of Rs. 70.20 on 05-Nov-2018.

Last one week high and low of the scrip stood at Rs. 162.40 and Rs. 128.00 respectively. The current market cap of the company is Rs. 16904.08 crore.

The promoters holding in the company stood at 74.80%, while Institutions and Non-Institutions held 22.09% and 3.11% respectively.

Adani Gas and TOTAL have signed definitive agreements to deepen their existing partnership and commitment for developing multi-energy offerings to the Indian energy market. Total will purchase 37.4% shares in Adani Gas 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.

Adani Family and TOTAL SA shareholders shall ultimately hold 37.4% each and public shareholders shall hold remaining 25.2%. The partnership and equity support from the partners will help the company accelerate project executions in all its new geographical areas.

Adani Gas is a wholly owned subsidiary of the Adani Enterprise (AEL) and was incorporated for setting up distribution network in various cities to supply natural gas to industrial, Commercial, Domestic and CNG Customers.