France’s Total to buy 37.4 per cent stake in Adani Gas for $868 million

French energy giant Total SA has agreed to buy a 37.4 per cent stake in Adani Gas Limited for as much as Rs 61.55 billion ($868.5 million). Total has made an open offer to public shareholders of Adani Gas to acquire a stake of up to 25.2 per cent and will purchase the remaining stake from the promoter family. The French company has offered to buy shares from public shareholders at Rs 149.63 apiece. The promoter family and Total shareholders will ultimately hold 37.4 per cent each in Adani Gas while public shareholders of the utility will hold the remaining 25.2 per cent. The partnership involves developing regasification terminals including the Dhamra liquefied natural gas terminal on the east coast of India.