Shell to sell 10% stake in Mahanagar Gas Ltd
Mumbai: Shell India, the local arm of Netherlands-based Royal Dutch Shell Plc, has offered to sell its 10% stake for over ₹700 crore held in the city gas distribution business of Mumbai-based Mahanagar Gas Ltd (MGL), through a block deal on the bourses.
Mint had in March 2019, reported about Shell’s plan to sell its stake in MGL.
When Mahanagar Gas was listed on 1 July 2016, Shell, through its wholly-owned subsidiary, BG Asia Pacific Holdings Pte. Ltd, acquired a 34% stake in the company. Last year, it offloaded 24% of its shareholding in two tranches—8.5% in April and 14% in August—in the open market through bulk deals. This reduced Shell’s holding to 10%.
