Indraprastha Gas has signed a share purchase agreement (SPA) to acquire 3 crore equity shares face value of Rs 10 each of Central U.P. Gas (CUGL), constituting 50% of the paid-up equity share capital of CUGL, at a price of Rs 23 per equity share aggregating to Rs 69.00 crore from the financial investor shareholders of CUGL. CUGL is in city gas distribution business in Kanpur and Bareilly in the state of Uttar Pradesh.
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 | 157.80 |
| Gujarat Gas | 362.60 |
| Indraprastha Gas | 169.25 |
| Mahanagar Gas | 1125.45 |
| Adani Total Gas | 632.90 |
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