Shell exits city gas biz, sells stake to MGL for Rs.770 crore
Mumbai, Aug. 22 -- Shell India, the local arm of Royal Dutch Shell Plc, on Tuesday sold its 10% stake in the city gas distribution business of Mumbai-based Mahanagar Gas Ltd (MGL) for Rs.770 crore.
According to stock exchange data, BG Asia Pacific Holdings, a wholly owned subsidiary of Shell, sold 9.98 million shares through block deals at Rs.780 each.
In 2016, Shell took over BG Group Plc and, subsequently, acquired its assets worldwide.
On 4 March 2019, Mint had reported about Shell's plan to exit MGL.
When Mahanagar Gas was listed on 1 July 2016, Shell acquired a 34% stake in the company through BG Asia Pacific.
Last year, it offloaded 24% of its shareholding in two tranches- 8.5% in April and 14% in August-in the open market thro...
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