The name of buyers and sellers were not ascertained immediately.
MGL, which was listed in July 2016, is a joint venture between GAIL and BG Asia Pacific Holdings Pte Limited, which hold 32.5%. BG Asia had reduced its stake in the company to 24% from 32.5% in April 2018.
On April 11, 2018, BG Asia Pacific Holding, the promoter of Mumbai-based city gas distribution MGL had sold 8.5% or 8.39 million equity shares of the company worth of Rs 7.6 billion.
According to media reports, BG Asia Pacific Holding is likely to sell up to 14% stake in MGL through block deal on Thursday. The floor price for the sale has been set at Rs 851 per share, a 5.7% discount to Tuesday’s closing price.