Petronet LNG falls as GDF sells entire 10% stake via block deal

Petronet LNG shares fell as much as 3.4% to their lowest in over two weeks amid reporst that GDF International is set to offload its entire 10% stake in the company.
 
At 09:18 am; around 77.34 million equity shares, representing 10% of total equity of Petronet LNG exchanged hands on the BSE, the exchange data showed.

The name of the buyers and sellers were not ascertained immediately.
 

In an otherwise flat market, the stock price was quoting at Rs 426.90, down Rs 13.20, or 3% on the BSE at 10:18 am. The stock hit a high and low of Rs 437.40 and Rs 421 respectively till now.

The France-based investor will sell 75 million shares in block deals for up to $512 million, according to a deal term sheet. GDF was selling shares in price range of Rs 417-440 apiece, a nil-to-5.2% discount to stock's Wednesday closing price of Rs 440.
 
The Government of India through companies like ONGC, IOC, GAIL and BPCL has 50% shareholding in the company while the rest is held by public as of March 2017. GDF International was the largest shareholder among public.
 
JPMorgan and Citi were the banks for the deal.