Total offers 'attractive' Rs 149.63 per share to Adani Gas shareholders

As the company continues to trade at a price higher that its peers in the same business, analysts call the offer an attractive one

French oil major Total has made a cash offer of Rs 149.63 a share to Adani Gas’ public shareholders, according to a letter  shared on the stock exchanges. This is a sequel to Total’s agreement to acquire 37.4 per cent of shares in the company.
 
Adani Gas closed at Rs 147.9 on Tuesday, two per cent less from its close on October 15, when the deal was announced. As the company continues to trade at a price higher than peers in the same business, analysts say it's an attractive offer.
 
“The stock is expensive compared to peers, which