Mahanagar Gas rallies 11% on promoter stake sale

According to reports, British Gas sold 98 lakh shares in the natural gas distribution company through block deals on the National Stock Exchange.

Aug 20, 2019 06:08 IST India Infoline News Service

Mahanagar Gas

Shares of Mahanagar Gas rallied ~11% intraday on Aug 20 after a foreign promoter offloaded its entire stake in the company.

According to reports, British Gas sold 98 lakh shares in the natural gas distribution company through block deals on the National Stock Exchange.

BG Asia Pacific Holdings Pte Limited, a wholly-owned subsidiary of Shell, held 10% stake (representing 98,77,780 shares) in the company, as per June shareholding pattern available on exchanges

In April this year, BG Asia had reduced its stake in Mahanagar Gas from 32.5% to 24%.

State-owned entity GAIL India, the Indian promoter, held 32.50% stake in the company.

Mahanagar Gas Ltd is currently trading at Rs849.75 up by Rs62.4 or 7.93% from its previous closing of Rs787.35 on the BSE.

The scrip opened at Rs834 and has touched a high and low of Rs878.35 and Rs834 respectively. So far 70,86,011 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs7,777.27cr.

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