France's GDF International Plans to Sell its Entire 10% Stake in Petronet LNG
Shital Jibhe / 08 Jun 2017
Petronet LNG is a state-run company, which owns a receiving and regasification terminal at Dahej, Gujarat, and an another terminal at Kochi, Kerala.
Petronet LNG is a state-run company, which owns a receiving and regasification terminal at Dahej, Gujarat, and an another terminal at Kochi, Kerala. It fell close to 3% at Rs 426.90 per share on Thursday’s morning session as France's multinational gas distribution and marketing company GDF International was reportedly looking to sell its entire 10% stake in Petronet LNG in a block trade.
The shares sale is likely to happen at a price range between Rs 417 and Rs 440 per share, with the deal size of approximately $512 million.
Through companies such as ONGC, IOC, GAIL and BPCL, the Government of India holds 50% stake in the company as of March 31, 2017. JPMorgan and Citigroup have been appointed to arrange for the buyers under the deal.
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