BG Asia Pacific Holdings Pte (now owned by Royal Dutch Shell Plc), is looking to sell up to 7.5 per cent stake, worth $ 103 million (nearly Rs 670.5 crore), in Mahanagar Gas though a block trade on Wednesday, according to a term sheet seen by ET.
There is also an upsize option of selling 5 per cent equity of the company worth $69 million.
BG Asia Pacific holds 32.5 per cent at the end of the December quarter, according to BSE. The share sale is happening at an indicative price of Rs 905 per share, according to the term sheet document.
This implies that the block deal will be transacted at a 4.2 per cent discount to the closing price of Mahanagar Gas stock on Tuesday. Mahanagar Gas shares closed at Rs 944.55 Tuesday.