In 2016, Shell took over BG Group Plc and, subsequently, acquired its assets worldwide.
On 4 March 2019, Mint had reported about Shell’s plan to exit MGL.
When Mahanagar Gas was listed on 1 July 2016, Shell acquired a 34% stake in the company through BG Asia Pacific.
Last year, it offloaded 24% of its shareholding in two tranches—8.5% in April and 14% in August—in the open market through bulk deals.
This reduced Shell’s holding to 10%. With the latest stake sale, the company has exited the city gas business in India.
Guidelines issued by capital markets regulator Securities and Exchange Board of India (Sebi) stipulate minimum promoters’ contribution shall be locked in for three years from the date of allotment in a public issue.