Shell unit unloads shares in Mahanagar for $168m

Shell petrol stn logo for new website
By John Loh
23 Aug 2018

The Indian arm of oil major Shell broke the quiet in Asia’s overnight block market this week by paring its stake in Mahanagar Gas for Rp11.8bn ($167.9m).

The vendor, BG Asia Pacific Holdings, launched its second sell-down this year in Mahanagar, a natural gas distributor, through sole bookrunner Citi.

BG Asia offered 13.8m secondary shares, or 14% of Mahanagar’s equity capital, at a floor price of Rp851 apiece, giving investors a 5.7% discount to the closing ...

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