New Delhi: Shell India, the local arm of the Netherlands-based Royal Dutch Shell Plc, on Tuesday exited the city gas business in the country after it sold its 10% stake in Mahanagar Gas Ltd for Rs 770 crore.
According to stock exchange data, BG Asia Pacific Holdings (BGAPH), a wholly-owned subsidiary of Shell, sold 99.77 lakh shares in the company through block deals at Rs 780 apiece.
Mahanagar Gas Ltd (MGL), where the majority stake is owned by state-owned GAIL India Ltd, sells compressed natural gas (CNG) to automobiles and piped-cooking gas to households in and around Mumbai.
MGL put out a letter from BG Asia Pacific Holdings Pte Ltd that informed about the sale of 98.77 lakh shares. It listed mode of sale as "sale of equity shares on the open market through the block deal window."
When MGL was listed in July 2016, Shell and GAIL held 32.5% stake each in the company. Last year, Shell sold 24% of its shareholding in two tranches -- 8.5% in April and 14% in August -- in the open market through bulk deals.
