Mahanagar Gas’ foreign promoter, BG Asia Pacific Holdings has offloaded 14 percent equity stake in the company through open market transactions on August 23, 2018. BG Asia Pacific Holdings has sold 1.25 crore shares of the company at Rs 851.89 per share on the NSE and 13.29 lakh shares at Rs 854.54 per share on the BSE through bulk deals. After dilution, its stake in the company reduced to 10 percent, from 24 percent earlier.
Mahanagar Gas is a city gas distribution company. The company is engaged in the distribution of compressed natural gas (CNG) and piped natural gas (PNG) in Mumbai and its adjoining areas and in the Raigad district in the state of Maharashtra.
