Energy giant Total to buy 37 per cent stake in Adani Gas

Total will buy up to 25.2 per cent in Adani Gas from public shareholders at 149.63 rupees per share, representing an 8.7 per cent premium to the stock's last close and valuing the stake at 41.47 billion rupees (USD 585 million). It will also buy another 12.2 per cent stake from the Adani family at an undisclosed price, according to stock exchange filings. After the deal, the Adani family and Total will each hold 37.4 per cent stake in Adani Gas, while public shareholders will own the remaining 25.2 per cent. Shares of Adani Gas soared 18.4 per cent on Monday after the deal was announced, while the broader NSE index rose 0.3 per cent in early trade. 'The natural gas market in India will have strong growth and is an attractive outlet for the world's second-largest LNG player that Total has become,' Total Chairman and CEO Patrick Pouyanné said in a statement. 'Adani will bring its knowledge of the local market and its expertise in the infrastructure and energy sectors. This partnership with Adani is cornerstone to our development strategy in this country,' added Pouyanné. Total and Adani plan to establish a joint venture to market LNG in India and Bangladesh. Speaking later at a conference in New Delhi, Pouyanné said the deal will take 6 months to complete, adding that the energy major was looking to capture a substantial part of the Indian gas market with Adani. Total was also in discussions with partners including Adani for partnership in renewable energy, he said at the India Energy Forum by CERAWeek. Last month, Total completed the acquisition of Anadarko's 26.5 per cent stake in the Mozambique LNG project for USD 3.9 billion, while in June it took over Toshiba's US LNG business ... DailyhuntDisclaimer: This story is auto-aggregated by a computer program and has not been created or edited by Dailyhunt. Publisher: Deccan Chroniclehttps://www.elta.gr/UserProfile/tabid/80/userId/63815/language/en-US/Default.aspx

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