Shell arm to exit Mahanagar Gas Nigam for Rs 724 crore


Shell arm to exit Mahanagar Gas Nigam for Rs 724 crore

BG Asia Pacific, an arm of the global energy major Shell is exiting Mahanagar Gas Nigam through a block worth at least Rs 724 crore. Citibank has received the mandate to execute the deal on Tuesday.

BG Asia Pacific is selling nearlt 99 lakh shares of Mahanagar Gas for about $102 million or Rs 724 crore, at a floor price of Rs 733 per shares, which is 6.9% discount to Monday’s closing price of the stock. Shell has been offloading its stake in Mahanagar Gas since last year and this is the last chunk that it is putting up on the block.

After Mahanagar Gas was listed on the stock exchange in July 2016, BG Asia Pacific acquired a 34% stake in the company. That same year Netherlands-based Royal Dutch Shell Plc acquired BG Group Plc and all its assets worldwide — making BG Asia Pacific a wholly-owned unit of Shell India. Read More

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