Adani Total Gas touches roof on executing SSSA with GSEC, SMTPL

Adani Total Gas is locked its upper circuit limit at Rs. 1118.35, up by 53.25 points or 5.00% from its previous closing of Rs. 1065.10 on the BSE.

The scrip opened at Rs. 1118.35 and has touched a high and low of Rs. 1118.35 and Rs. 1075.00 respectively. So far 16816 shares were traded on the counter.

The BSE group 'T ' stock of face value Rs. 1 has touched a 52 week high of Rs. 1680.00 on 04-Jun-2021 and a 52 week low of Rs. 164.65 on 21-Aug-2020.

Last one week high and low of the scrip stood at Rs. 1065.10 and Rs. 885.00 respectively. The current market cap of the company is Rs. 122997.26 crore.

The promoters holding in the company stood at 74.80%, while Institutions and Non-Institutions held 22.07% and 3.13% respectively.

Adani Total Gas has executed a Share Subscription and Shareholders' Agreement (SSSA) with GSEC and Smartmeters Technologies (SMTPL) to acquire 50% stake in Smartmeters Technologies. The cost to acquire 50% stake in SMTPL will be Rs 1 crore i.e. 10,00,000 Equity Shares of Rs 10 each by way of further issuance of equity shares by SMTPL. The objects of acquisition is to manufacture gas meters with a focus on prepaid smart meters. The acquisition is expected to be completed by September, 2021.

The company is developing City Gas Distribution (CGD) Networks to supply the Piped Natural Gas (PNG) to the Industrial, Commercial, Domestic (residential) and Compressed Natural Gas (CNG) to the transport sector.