Mahanagar Gas surges by 12% as BG Asia Pacific sells 10 per cent stake

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The Tuesday morning was kind of soothing for National Stock Exchange as shares of Mahanagar Gas (MGL) elevated 12% to Rs. 828, after BG Asia Pacific Holdings (BGAPH), a wholly-owned subsidiary of Shell, sold 10 per cent stake in the company via block deals. 9.98 million Equity shares representing 10% total equity of Mahanagar Gas changed for total consideration of Rs.770 crores on the NSE. BG Asia Pacific Holdings sold per share at Rs.780.

Mahanagar Gas Limited, (MGL) one of the India’s leading Natural Gas Distribution Companies was incorporated on 8th May 1995. MGL is an enterprise of GAIL (India) Limited (Maharatna Company of Govt. of India), Government of Maharashtra and BG Asia Pacific Holdings Pte. Limited (owned by Royal Dutch Shell group). MGL continued to descend by 25% from recent high of Rs. 1,055, in the month of March. In April, Shell has reduced shares in MKL from 32.5% to 24%.

On Tuesday, at around 10.11 a.m., stock was being sold at Rs.85 per share and was trading by 8%. A total of 5.81 million shares of MGL changed hands on the NSE and BSE. Analysts suggest investors to invest in the stock from a long-time perspective. Currently, the shares of the stock are sold by Rs.850.35 at BSE and at NSE the cost of shares are Rs.849.30.