New Delhi: Shares of Adani Gas zoomed nearly 8 percent on Friday after the Competition Commission gave approval to the acquisition of 37.4 percent shareholding and joint control by Total Group in the company.
The stock jumped 7.89 percent to close at Rs 161.30 on the BSE. During the trade, it advanced 12.77 percent to Rs 168.60.
On the NSE, it climbed 7.52 percent to close at Rs 160.70.
In traded volume terms, 13.83 lakh shares of the company were traded on the BSE and over one crore units on the NSE during the day.
"Total Group believes in the initiatives taken by the Government of India to increase the reliance on natural gas instead of petroleum-based products," the Competition Commission of India (CCI) noted.
The proposed combination represents an investment opportunity for Total along with its subsidiaries and affiliates (Total Group) given the future of natural gas business in India.
It further noted that the deal would contribute towards bridging the energy deficit and augment supply of natural gas in India and further enable Total Group to provide services in a cost-efficient manner and meet the country's long-term need for cleaner energy.
Total Holdings is a 100 percent subsidiary of Total S.A. The Total Group is engaged in every sector of the oil and gas industry, including upstream and downstream. Besides, it is involved in the renewable energy and power generation sectors, CCI said.
Other group stocks also gained with Adani Transmission climbing 10.53 percent, Adani Green Energy 3.86 percent, Adani Power rising 3.33 percent and Adani Enterprises 0.73 percent on the BSE.
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Updated Date: Nov 29, 2019 17:20:58 IST