Mahanagar Gas zooms 12% on stake sale by British Gas

Around 9.98 million equity shares representing 10 per cent total equity of MGL have changed hands for total consideration of Rs 770 crore on the NSE, the exchange data shows.

Shares of Mahanagar Gas (MGL) rallied 12 per cent to Rs 828 on the National Stock Exchange (NSE) in early morning deal on Tuesday, after BG Asia Pacific Holdings (BGAPH), a wholly-owned subsidiary of Shell, sold 10 per cent stake in the company via block deals.

Around 9.98 million equity shares representing 10 per cent total equity of MGL changed hands for total consideration of Rs 770 crore on the NSE, the exchange data shows. BG Asia Pacific Holdings sold shares at an average price of Rs 780 per share.

CLICK TO READ FULL REPORT