Adani Total Gas Limited to acquire 5% stake in Indian Gas Exchange Ltd

Adani Total Gas Limited has signed Share Purchase Agreement on 21st January, 2021 for acquisition of 5% Stake i.e. 36,93,750 (Thirty six lakhs ninety three thousand seven hundred fifty only) Equity Shares of INR 10 (Indian Rupees Ten) each of Indian Gas Exchange Limited from Indian Energy Exchange Limited.

IGX is an authorised Gas Exchange regulated by the Petroleum and Natural Gas Regulatory Board in accordance with the provisions of the Petroleum and Natural Gas Regulatory Board (Gas Exchange) Regulations, 2020.

The objective of the acquisition is to participate in developing Gas Trading exchange, regulated by the Petroleum and Natural Gas Regulatory Board in accordance with the provisions of the Petroleum and Natural Gas Regulatory Board (Gas Exchange) Regulations, 2020.

The cost of acquisition is INR 3,69,37,500 for the above stake.

Shares of Adani Total Gas Ltd was last trading in BSE at Rs.357.1 as compared to the previous close of Rs. 362.3. The total number of shares traded during the day was 33798 in over 1141 trades.

The stock hit an intraday high of Rs. 365.85 and intraday low of 354.6. The net turnover during the day was Rs. 12163888.

Source : Equity Bulls

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