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Adani Gas Lists At 20% Premium On NSE

Olga Robert

Adani Gas Ltd, that was demerged from Adani Enterprises earlier this year has been listed at Rs 72 a piece on the NSE today. The pre-open price was at Rs 60 per share. The stocks will remain in the trade-to-trade segment for 10 trading days.

In an exchange filing, it was earlier notified that the equity shares of Adani Gas Ltd (Scrip Code: 542066) were to be listed and admitted to dealings on BSE and NSE in the list of 'T' Group Securities.

According to the scheme of arrangement approved by the National Company Law Tribunal (NCLT) in August, Adani Gas Holdings Ltd (AGHL) would be merged with Adani Gas. After the listing, the promoters will hold 74.92 percent stake in Adani Gas and the rest by the public.

On September 9, shareholders of Adani Enterprises were allotted one equity share of Adani Gas (Re 1 face value) for each share held in Adani Enterprises.

Adani Gas is a subsidiary of Adani Enterprises Ltd., that develops City Gas Distribution (CGD) Networks to supply the Piped Natural Gas (PNG) to the Industrial, Commercial, and Domestic (residential) units and Compressed Natural Gas (CNG) to the transport sector.

In the ninth round of city gas distribution auctions, the company was the biggest winner to supply cooking and automobile gas in the cities of Ahmedabad, Vadodara, Faridabad, and Khurja. Its joint venture with Indian Oil gives it separate rights to distribute gas in nine other cities.

Adani Gas Ltd became the fourth listed city gas distribution in India, after Indraprastha Gas Ltd., Gujarat Gas Ltd., and Mahanagar Gas Ltd.

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