Indraprastha Gas (IGL) has acquired 25 lakh shares of MNGL at a price of Rs 38 per equity shares of MNGL in the second & final tranche. Presently, the company holds 5 crore shares constituting 50% of present paid up capital of MNGL.
The company earlier on March 30, 2015, had acquired 4.75 crore shares of Maharashtra Natural Gas (MNGL) in the first tranche at a price of Rs 38 per equity share from certain financial investor shareholders of MNGL.
Indraprastha Gas, incorporated in 1998, is engaged in distribution of CNG and PNG in Delhi. In 1999 the company took over Delhi City Gas Distribution Project from GAIL (India). IGL laid the network for the distribution of natural gas in the National Capital of Delhi to consumers in the domestic, transport, and commercial sectors.
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