Shell India, the local arm of the Netherlands-based Royal Dutch Shell Plc, on Tuesday exited the city gas business in the country after it sold its 10 per cent stake in Mahanagar Gas Ltd for Rs 770 crore. According to stock exchange data, BG Asia Pacific Holdings (BGAPH), a wholly-owned subsidiary of Shell, sold 9.98 million shares in the company through block deals at Rs 780 apiece.
Mahanagar Gas Ltd (MGL), where the majority stake is owned by state-owned GAIL India Ltd, sells compressed natural gas (CNG) to automobiles and piped-cooking gas to households in and around Mumbai.
When MGL was listed in July 2016, Shell and GAIL held 32.5 per cent stake each in the company. Last year, Shell sold 24 per cent of its shareholding in two tranches — 8.5 per cent in April and 14 per cent in August — in the open market through bulk deals.
The government of Maharashtra has 10 per cent shareholding in MGL, while the remaining is with the public. Read More
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