Total SA to buy 37.4% stake in Adani Gas for nearly Rs 5,700 crore
French oil major Total SA has signed definitive agreement to buy 37.4 per cent stake in Gautam Adani-led Adani Gas for about Rs 5,700 crore.
Total will purchase the 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 Family and Total SA shareholders shall ultimately hold 37.4 per cent each and public shareholders shall hold remaining 25.2 per cent, ” Adani Gas said in a statement on Monday. The deal will be the largest foreign direct investment in India’s city gas distribution (CGD), making it one of the largest downstream energy partnership too.
