Adani Gas share price rose in trade today amid report that French energy firm Total SA was close to buying a 30% stake in the Indian gas distribution company for more than Rs 5,500 crore ($800 million). Adani Gas share price was trading 4% higher at 175.10 on BSE.
Adani Gas share price hit an intra day high of Rs 180, up 6.79% compared to the previous close of 168.55 on BSE.
Adani Gas share price opened with a gain of 3.83% at 175 level on BSE.
Adani Gas share price has risen 73.62% since the beginning of this month. According to a report by The Times of India, the deal which is expected to be announced shortly is expected to trigger an open offer to public shareholders of Adani Gas.
The French firm may end up having a roughly equal stake in the firm as billionaire promoter Gautam Adani.
Adani Gas, which is into the business of development of natural gas is an arm of Adani Group and operates a distribution pipeline network of over 6,000 km catering to nearly 3,50,000 retail customers.
It develops a network for city gas distribution networks to supply piped natural gas to the industrial, commercial, domestic and compressed natural gas to the transportation sector.