Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Event-Driven

Yesterday, <a href="https://www.smartkarma.com/entities/total-sa" target="_blank" rel="noopener" data-smartkarma-citation="entities:812:1">Total Sa (FP FP)</a> agreed to buy a 37.4% stake in <a href="https://www.smartkarma.com/entities/adani-gas-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:28352:1">Adani Gas Ltd (ADGAS IN)</a> at INR 149.63 per share. <a href="https://www.smartkarma.com/entities/total-sa" target="_blank" rel="noopener" data-smartkarma-citation="entities:812:1">Total Sa (FP FP)</a> will make an open offer for 25.2% from the public shareholders and will buy the balance from the promoters so that their stake is exactly 37.4% at the end of the share purchase agreement (SPA). Post the SPA, 37.4% of <a href="https://www.smartkarma.com/entities/adani-gas-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:28352:1">Adani Gas Ltd (ADGAS IN)</a> will be held by the Promoters, 37.4% by <a href="https://www.smartkarma.com/entities/total-sa" target="_blank" rel="noopener" data-smartkarma-citation="entities:812:1">Total Sa (FP FP)</a> and 25.2% by public shareholders.The open offer price represents premia of 8.70%, 10.22% and 0.96% to the undisturbed price,  the 1 month VWAP and the 3 month VWAP.Post the news, <a href="https://www.smartkarma.com/entities/adani-gas-ltd" target="_blank" rel="noopener" data-smartkarma-citation="entities:28352:1">Adani Gas Ltd (ADGAS IN)</a> traded to a high of INR 163 (a premium of 8.94% to the offer price) before closing the day at INR 150.30We do not see a high probability of a price bump given that <a href="https://www.smartkarma.com/entities/total-sa" target="_blank" rel="noopener" data-smartkarma-citation="entities:812:1">Total Sa (FP FP)</a> can buy the entire 37.4% stake from the promoters if the public do not tender their shares in the open offer.

Yesterday, Total Sa (FP FP) agreed to buy a 37.4% stake in Adani Gas Ltd (ADGAS IN) at INR 149.63 per share. Total Sa (FP FP) will make an open offer for 25.2% from the public shareholders and will buy the balance from the promoters so that their stake is exactly 37.4% at the end of the share purchase agreement (SPA). Post the SPA, 37.4% of Adani Gas Ltd (ADGAS IN) will be held by the Promoters, 37.4% by Total Sa (FP FP) and 25.2% by public shareholders.The open offer price represents premia of 8.70%, 10.22% and 0.96% to the undisturbed price,  the 1 month VWAP and the 3 month VWAP.Post the news, Adani Gas Ltd (ADGAS IN) traded to a high of INR 163 (a premium of 8.94% to the offer price) before closing the day at INR 150.30We do not see a high probability of a price bump given that Total Sa (FP FP) can buy the entire 37.4% stake from the promoters if the public do not tender their shares in the open offer.

India

Adani Total Gas Limited provides utility services. The Company produces and distributes natural gas. Adani Total Gas offers industrial and compressed natural gas (CNG) to commercial, residential, and transports sectors in India.

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Adani Total Gas (ATGL IN)

Adani Gas - Don't Bet on a Total Bump

Yesterday, Total Sa (FP FP) agreed to buy a 37.4% stake in Adani Gas Ltd (ADGAS IN) at INR 149.63 per share. Total Sa (FP FP) will make an open...

Brian Freitas

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