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.