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France's GDF sells off full 10% stake in Petronet LNG

Frances GDF sells off full 10% stake in Petronet LNG
France's GDF International on Thursday sold its entire 10 per cent stake in Petronet LNG for nearly Rs 3,200 crore through open market transactions.

Petronet, India's biggest importer of liquefied natural gas (LNG), is registered as a private company. GDF International, a unit of French energy giant Engie SA, offloaded a total of 7.5 crore shares, amounting to 10 per cent stake in Petronet, according to the bulk deal data available with BSE.

The shares were sold at an average price of Rs 421.63, valuing the transaction at Rs 3,162.22 crore.
As of March quarter, GDF held 7.5 crore shares, amounting to 10 per cent stake, in Petronet. Among the buyers of the shares are Citigroup Global Markets Mauritius and Stichting Depositary APG Emerging Markets Equity Pool. While Citigroup bought 1.05 crore shares of Petronet, Stichting Depositary APG bought 39.26 lakh shares. Shares of Petronet LNG on Thursday plunged by 3.25 per cent to close at Rs 425.80 on BSE.

Earlier in March, GDF had sent a communication to each of the four principle promoters – GAIL India, ONGC and IOC and BPCL – offering "a first right of purchase/refusal in relation to the proposed sale of 10 per cent equity shares in the company in the same proportion in which the promoters are holding equity shares in the company."

The four promoter firms hold 12.5 per cent stake each in Petronet. Going by this proportion, they were each entitled to buy 2.5 per cent of GDF's stake.
However, sources had said that it was unlikely that anyone of them would exercise that option given that Petronet has been structured as a private company.
PTI

PTI

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