French energy major Total to buy 37.4% stake in Adani Gas
French energy major Total is on course to acquire a 37.4% stake in Adani Gas to develop gas distribution infrastructure in India and supply gas at affordable prices.
Total Holdings SAS, a 100% subsidiary of Total SA, will make an open offer to existing shareholders for 25.2% at `149.63 per share. In case all the existing shareholders subscribe to the issue, Total will acquire the remainder from the promoters.
The total deal is expected to cost the French energy major `6,090 crore. Currently, the promoter group holds 74.8% in Adani Gas and the remaining 25.2% is held by the public. In order to keep the public shareholding at current levels, promoters would do an offer for sale, experts told FE.
