BG Asia exits Mahanagar; sells stake at Rs 780/share

Mumbai: BG Asia Pacific Holding sold 98.78 lakh shares or 10 per cent stake in Mahanagar Gas on Tuesday at an average price of Rs 780 per share in a block deal, data on the NSE showed.

Through this deal, BG Asia, which is the wholly-owned subsidiary of Shell, has exited completely from the city gas distribution company.

Multiple firms picked up the shares of Mahanagar Gas in the block deal at Rs 780 apiece. These included Bajaj Allianz Life Insurance Company, Chola Mutual Fund, Birla Mutual Fund, IDFC Mutual Fund, HDFC Mutual Fund, Max New York Life Insurance, Reliance Mutual Fund and SBI Life Insurance Company. Morgan Stanley Mauritius Company, Norges Bank , Societe Generale, Trafalgar Trading Fund and Schroder Emerging Markets Fund also bought shares of Mahanagar Gas in the bulk deal. Societe Generale picked up the highest quantum among the buyers with 12.83 lakh shares.


Shares of Mahanagar Gas ended up 7.8 per cent at Rs 848.45 on Tuesday. Shell, through its whollyowned subsidiary BG Asia Pacific Holdings, had acquired a 34 per cent stake in Mahanagar Gas in July 2016. In April last year, it sold 8.5 per cent stake in the company and later in August it offloaded another 14 per cent stake thus reducing its holding to 10 per cent.