ADB sells entire stake in Petronet LNG

Asian Development Bank (ADB) sold its entire 5.2 per cent stake in gas supplier Petronet LNG Ltd for Rs. 714 crore ($116.8 million) on Friday via block deals, BSE data showed.

ADB sold over 39 million shares of Petronet LNG on BSE in various block deals, at an average price of Rs. 183.2 apiece.

The shares were bought by Citigroup Global Markets Mauritius Pvt Ltd and HDFC Mutual funds among others, according to BSE data.

Citigroup bought 8.8 million shares, HDFC Top 200 Fund took 3.77 million shares, while HDFC Equity Fund purchased 4.67 million shares at Rs. 183.2 rupees a share each.

The gas supplier's shares ended down 3.8 per cent at Rs. 185.50 on Friday on BSE.

ADB had on Thursday launched a share sale in Petronet LNG to raise up to $120 million, three sources with direct knowledge of the deal had told Reuters.

($1 = 61.1400 Indian rupee)