Multilateral development finance agency Asian Development Bank (ADB) has completely exited its investment in oil and natural gas firm Petronet LNG Ltd (PLL) via the open market on Friday.
ADB received $117 million through the latest exit and had invested in the firm in 2004. The bank has sold 3.9 crore shares at a price of Rs 183.2 per piece. Citigroup Global Markets and HDFC Mutual Fund have picked up part of the stake.
Other significant investors in the company include GDF International, a subsidiary of French natural gas company Gaz de France; T Rowe Price International, Government Pension Fund Global and Fidelity Investment Trust. The promoter shareholders’ of PLL are Indian Oil Corporation, GAIL, ONGC and Bharat Petroleum Corporation holding 12.5 per cent each.
Recently, there was news that Oman is considering buying a 10-15 per cent stake in Petronet LNG’s proposed plant on India’s east coast. Last year, ADB extended a loan facility of $150 million to PLL, to help the company part finance its expansion plans at Dahej LNG import terminal in Gujarat.
Shares of Petronet LNG Ltd closed at Rs 185.5, down 3.76 percent on the BSE in a flat Mumbai market on Friday.
(Edited by Joby Puthuparampil Johnson)