GAIL India Limited on Friday issued q clarification sought by exchanges with regards to filing on February 12, 2021 “GAIL acquires 5% stake in Indian Gas Exchange or its affiliates”.
The company said the acquisition would not fall within related party transactions and the promoter/ promoter group/group companies do not have any interest in Indian Gas Exchange Limited (IGX). 90% of the shareholding of IGX is held by M/s Indian Energy Exchange Limited (IEX) and the remaining 10% of its shareholding is held by others.
Proposed transaction i.e., acquisition of 5% equity in IGX (out of 90% shareholding of IEX in IGX) by GAIL shall be made at arm’s length and is within mainline business of the company.
GAIL is acquiring 5% equity shares of IGX from IEX (36,93 ,750 equity shares of Rs10/- each) at par value with a Purchase Consideration of Rs3,69,37,500/- only in cash consideration.
The company stock hit fresh 52-week high of Rs149.45 on Friday. It ended at Rs145.35 per piece up Rs2.30 or 1.61% on the BSE.
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( With inputs from indiainfoline)