Wednesday, March 07, 2018

Adani Gas to Skip IPO, Plans Direct Listing

Adani Group's gas distribution company will skip the initial public offer. They are planning a direct listing of shares. Adani Group decided to demarge comapnies of gas sourcing and gas distribution in January.

Adani Enterprises share holders will get 1 share of Adani Gas for 1 each as the company said in investor presentation on 18 January. Adani Gas Holdings will merge with Adani Gas Ltd as per the pan.

Adani Gas supply PNG and CNG gas in Ahmedabad, Baroda, Faridabad, Khurja. They already won the contracts to supply gas in Allahabad, Chandigarh, Ernakulam, Panipat, Daman and Dharwad with Indian Oil Corp. Ltd.

Adani Gas operates in six cities and they might reach to 50 cities by 2021.