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Mahanagar Gas slips over 5% post block deals

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Mahanagar Gas took a tumble by over 5 per cent early today after two block deals. A good 14 per cent shares, which translates into 13.90 million, changed hands.

The scrip was 5.23 per cent down at Rs 855 at around 9.18 am.

The BSE Sensex was up 119 points, or 0.31 per cent, at 38,405.22. The ET on Wednesday reported that BG Asia Pacific Holding, the promoter of Mumbai-based city gas distribution Mahanagar Gas, is looking to sell up to 14 per cent stake for $169 million in the company through a block deal on Thursday.

The floor price for the sale was fixed at Rs 851 per share, a 5.7 per cent discount to Tuesday’s closing price.

Mahanagar Gas, listed in 2016, is a joint venture between GAIL and BG Asia Pacific.

BG Asia Pacific Holding is a subsidiary of BG Plc UK.The ET report added that BG Asia will sell 1.38 crore shares though the block deal.

After the block deal, BG Asia holding in Mahanagar Gas will drop to 10 per cent which has a lock-in period up to June 29, 2019, according to the term sheet.

Citi is the book runner to the deal.




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