Mahanagar Gas Ltd (MGL) announced on Tuesday that it has agreed with 3EV Industries Pvt. Ltd to acquire a 31% stake in the company. The acquisition is expected to be in the form of the issuance of equity shares for a total consideration of ₹96 crore, the company said in a filing to the stock exchanges.
The leading city gas distribution company has entered into a shareholder's agreement (SHA) with 3EV Industries for the acquisition of almost 30.97% of the shareholding and voting rights in the company through equity instruments.
As per the details of the agreement, the deal has been signed with seven parties, including 3EV Industries, Rugged Solar Pvt. Ltd, Rebatt Ltd, MPC Wealth Management Trust, Peter Voelkner, Mathew Calhoun and the other shareholders of 3EV.
MGL will have the right to appoint one Director on the Board of 3EV Industries and one board observer while subscribing to 30.97% of 3EV’s share capital, along with the right to subscribe shares on a pro-rata basis for every further issue of shares, according to the agreement.
A total of 18,343 equity instruments will be issued, including 10 equity shares with a face value of ₹10 each and 18,333 Series A CCPS with a face value of ₹100 each, taking the total consideration to ₹96 crore, MGL informed the bourses.
Shares of MGL were trading 0.40% higher at ₹1,512.25 apiece on the NSE at 2.16 PM.
(Edited by : Ajay Vaishnav)
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