Indian Oil Corporation Limited to acquire 4.93% in Indian Gas Exchange Ltd

The Board of IndianOil at its meeting held on 20th December 2021 has accorded approval for acquisition of 36,93,750 equity shares of the face value of Rs.10/- each equivalent to 4.93% of the share capital in Indian Gas Exchange Limited (IGX).

IGX is India's first automated national level "Gas Exchange", which ensures transparent price discovery in natural gas and facilitates growth of natural gas in India's energy basket.

The acquisition of equity stake in IGX is a strategic opportunity for IndianOil to become part of india's natural gas market and to increase its presence to achieve leadership position in the market.

Shares of Indian Oil Corporation Limited was last trading in BSE at Rs. 108.90 as compared to the previous close of Rs. 112.90. The total number of shares traded during the day was 962848 in over 14952 trades.

The stock hit an intraday high of Rs. 112.40 and intraday low of 108.25. The net turnover during the day was Rs. 105664191.00.

Source : Equity Bulls

Keywords

IndianOilCorporation INE242A01010 IOC StakeAcquisition IndianGasExchange