Asian Development Bank (ADB) has sold its entire 5.2% stake in Petronet LNG for Rs 714.5 crore via block deals. ADB sold 3.9 crore shares of India’s largest liquefied natural gas importer to CitiGroup and HDFC Mutual Fund at Rs 183.20 per share.
Citigroup Global Markets Mauritius has bought 88 lakh shares, HDFC Top 200 Fund has taken 37.7 lakh shares and HDFC Equity Fund has purchased 46.7 lakh shares. The stake sale come after a long dispute between Petronet’s principal promoters and the firm’s management led by its Chairman, who is the Oil Secretary.
Petronet’s promoter - IOC, ONGC, GAIL and BPCL were originally interested in buying ADB’s 5.2% stake but the company management was opposed to it as it would have led to PSU holding crossing 50% that would turn the LNG importer into a government entity.
Petronet LNG is one of the leading players in oil and natural gas industry space. It has India’s first and largest LNG supply terminal located at Dahej.
