Mahanagar Gas surges 7% to hit 52-week high on acquisition of Unison Enviro

This acquisition will enable MGL to expand to newer geographical areas in Maharashtra (Ratnagiri, Latur & Osmanabad) and Karnataka (Chitradurga & Davanagere), thereby, providing new avenues.

Shares of Mahanagar Gas (MGL) rallied 7 per cent to hit a 52-week high of Rs 969.60 in Monday’s intra-day trade, after the company signed agreement to acquire 100 per cent stake in city gas distributor (CGD) Unison Enviro (UEPL) for Rs 531 crore. The stock of state-owned CGD company surpassed its previous high of Rs 931.45, which it had touched on February 16, 2023.

The company has signed a Share Purchase Agreement (SPA) with Unison Enviro Private Limited (UEPL) and existing shareholders of UEPL (Ashoka Buildcon Ltd. and an investment fund managed by Morgan Stanley India Infrastructure) to