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Mahanagar Gas falls 7% after huge block deals

The stock slipped 7.4% to Rs 836 on the NSE in early morning trade after a nearly 26% or 25 million equity shares of the company changed hands on the NSE and BSE.

SI Reporter  |  Mumbai 

gas supply

Shares of Limited (MGL) have slipped 7.4% to Rs 836 per share on the (NSE) in early trade after a nearly 26% or 25 million equity shares of the company changed hands on the counter.

Till 09:30 am; a combined 25.31 million equity shares representing 25.6% of total equity of changed hands on the and BSE, the exchanges data show.

The name of buyers and sellers were not ascertained immediately.

MGL, which was listed in July 2016, is a joint venture between GAIL and 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 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 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.


First Published: Thu, August 23 2018. 09:36 IST
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