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Adani Gas sells 37.4% stake to Total making them equal shareholders

Gautam Adani of Adani Gas

Earlier today, Adani Gas, an Indian gas company part of Adani Group sold 37.5% of its share to Total, an energy giant based out of France. The French company bought shares in the Indian gas company to increase its footprint in India and Asia.

BP and Shell are the other two foreign oil and gas company’s that have entered the Indian market before Total.  The investment in the country comes in a time when the government is putting a lot of effort into cutting its carbon emissions. 

The French company would buy over 25% of its shares from its public shareholders for  Rs149 per share and the rest would be bought from the company. Total would be paying a premium for Adani’s share which would value the share sale at $584million or 41 billion.

According to the filing in Bombay Stock Exchange, the rest of the shares would be sold by the Adani Family to Total.

Adani family and Total would be equal shareholders with a 37.4% stake while the rest of the shares would be owned by the public investors.

About the author

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Markham Reid

Markham is a freelance writer and editor he has worked with VICE media, Playboy and Tech Crunch. His articles are also regularly published on The Wall Street Journal. He covers articles related to health, fitness, and startups. He was awarded by Men's Health magazine in 2017 as the best editor in the food and wine industry. He majored in English Literature from Texas University. He is a single parent currently living in New York with his 3 kids. He loves playing video games with his sons during the weekends.

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