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Shares of city gas distribution company Mahanagar Gas fell to a one-year low as BG Asia Pacific has cut stake. The stock fell as much as 4.2 per cent to a one-year low of Rs 905.
BG Asia Pacific Holdings is selling its stake in the company to raise Rs 1,100 crore ($169.04 mln) at a floor price of Rs 905 per share, IFR reported, citing a term sheet.
BG is selling 12.5 per cent of its 32.5 per cent holding and the sell-down involves a base deal of 7.4 million shares, with an option for an increase of 4.9 million shares, IFR said.
The floor price represents a 4.2 per cent discount to the stock's close on Tuesday. The stock had declined about 14 per cent this year as of Tuesday’s close, after rising nearly 40 per cent last year.
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