Adani Gas zooms 18% as French firm Total agrees to buy 37.4% stake

Shares of Adani Gas zoomed 18 per cent to Rs 162 on the BSE in early morning trade on Monday after the company said French energy giant Total SA would acquire 37.4 per cent stake in it. The stock was trading close to its 52-week high of Rs 184 touched on June 4, 2019.

“Total will purchase 37.4 per cent shares in Adani Gas through a tender offer to public shareholders to acquire up to 25.2 per cent shares subject to applicable regulations and purchase the residual shares from Adani Family,” Adani Gas said in a regulatory filing.

Adani Family and TOTAL SA shareholders shall ultimately hold 37.4 per cent each and public shareholders shall hold remaining 25.2 per cent.