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British Gas to sell 10% stake in Mahanagar Gas via block deal today

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British Gas to sell 10% stake in Mahanagar Gas via block deal today

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British Gas plans to sell its 10 percent stake in Mahanagar Gas Ltd (MGL)., sources told CNBC-TV18.

British Gas plans to sell its 10 percent stake in Mahanagar Gas Ltd (MGL) on Tuesday, sources told CNBC-TV18.

British Gas holds 32 percent stake in MGL and the company has been reducing its stake in MGL over a period of time.
This is the last tranche of the sale and the floor price is set at Rs 733 per share, a near 7 percent discount to Monday’s closing price.
Whenever a block deal happens at a discount,  a bit of a short-covering is seen which may be the case in MGL too.
Investors should keep a close watch at the downside on the back of the discount.
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