Indraprastha Gas (IGL) has received an approval to invest in the equity shares of Maharashtra Natural Gas (MNGL) by way of acquisition of 5,00,00,000 equity shares of Rs 10 each of MNGL at a price of Rs 38 per equity share aggregating to Rs 190 crore. The board of directors at its meeting held on August 04, 2014 has approved for the same. MNGL is in City Gas Distribution business in Pune in the State of Maharashtra.
The company will acquire the shares from certain financial investor shareholders of MNGL in such a manner so that upon completion of the Proposed Transaction the company’s shareholding in MNGL shall not exceed 50% of the issued, subscribed and paid up share capital of MNGL. The same is subject to the finalization and execution of definitive agreements (share purchase agreements) in this regard and compliance with applicable laws.
Indraprastha Gas, incorporated in 1998, is engaged in distribution of Compressed Natural Gas (CNG) and Piped Natural Gas (PNG) in Delhi. In 1999 the company took over Delhi City Gas Distribution Project from GAIL (India). IGL laid the network for the distribution of natural gas in the National Capital of Delhi to consumers in the domestic, transport, and commercial sectors.
| Company Name | CMP |
|---|---|
| GAIL India | 157.70 |
| Gujarat Gas | 367.35 |
| Indraprastha Gas | 166.35 |
| Mahanagar Gas | 1138.00 |
| Adani Total Gas | 620.55 |
| View more.. | |
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