Zee News IGL raises stake in MGNL to 50%

Zee News IGL raises stake in MGNL to 50%

New Delhi:

 Indraprastha Gas Ltd (IGL) on Monday said it has acquired 25 lakh more shares of Maharashtra Natural Gas Ltd (MNGL) to become 50 per cent shareholder in the company.

Earlier this year, IGL acquired 4.75 crore shares in MNGL in the first tranche at a price of Rs 38 from certain financial investor shareholders of MNGL.

In a BSE filing, Indraprastha Gas Ltd said: “… In the second and final tranche, the company has acquired 25 lacs shares of MNGL at a price of Rs 38 per equity shares of MNGL.”

“Presently, the company holds 5 crore shares (constituting 50 per cent of present paid up capital) of MNGL,” the filing added.

MNGL is in the business of city gas distribution in Pune.

In August 2014, IGL had informed that it will invest Rs 190 crore in Maharashtra Natural Gas Ltd (MNGL) by acquiring five crore shares from institutional investors.

Shares of IGL were trading at Rs 451.20 apiece in the morning trade, up 1.60 per cent from their previous close on the BSE. 


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