Engie Completes Sale Of 10% Stake In Petronet LNG For Up To US$511.8 Million

Published: Mar 09 2017
Deal Summary

Engie S.A., an energy company, through its wholly-owned subsidiary GDF International S.A., completed the sale of a 10% stake in Petronet LNG Limited, a midstream company, for a sale consideration between INR31,275 million (MM) (US$485.08 MM) and INR33,000 MM (US$511.83 MM). The transaction was facilitated through issuance of 75 MM shares at a price between INR417 (US$6.47) and INR440 (US$6.82) per share, in an open market transaction.

In the transaction, Citigroup Global Markets (Mauritius) Pvt. Ltd. purchased 10.5 MM shares and Stichting Depositary APG purchased 3.93 MM shares.

Petronet LNG owns an LNG receiving and regasification terminal at Dahej, Gujarat, with a nominal capacity of 10 mmtpa; and an LNG terminal at Kochi, Kerala, with a capacity of 5 mmtpa. The company is building a third terminal at Gangavaram, Andhra Pradesh, India.

Prior to the transaction, the partners in Petronet LNG were Oil and Natural Gas Corporation Limited (12.5%), Indian Oil Corporation Limited (12.5%), Bharat Petroleum Corporation Limited (12.5%), GAIL (India) Limited (12.5%), Engie (10%) and other public investors (40%).

Engie intends to use the proceeds from the sale to invest in energy services and infrastructure as well as renewables.

Deal history

Completed: On June 8, 2017, Engie completed the sale of a 10% stake in Petronet LNG, for a sale consideration between INR31,275 MM (US$485.08 MM)and INR33,000 MM (US$511.83 MM).

Planned: On March 9, 2017, Engie intends to sell its 10% stake in Petronet LNG. The transaction is estimated to be valued at approximately US$434 MM.

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