Adani Total Gas share price surged by as much as 7.36% on Monday, September 23, 2024, reaching an intraday high of Rs 846.65 per share. The stock rally followed the company’s announcement that it had secured $375 million in funding from global lenders. This financial boost is part of an overall financing framework, allowing Adani Total Gas to access additional funds for its future business expansion.
The initial funding, valued at $375 million, includes a commitment of $315 million with an option to increase this amount. Five prominent international banks, including BNP Paribas, DBS Bank, Mizuho Bank, MUFG Bank, and Sumitomo Mitsui Banking Corporation, participated in this financing arrangement, highlighting the company’s global appeal.
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This capital injection will accelerate Adani Total Gas’s capital expenditure, supporting its plans to expand the city gas distribution (CGD) network across 34 authorized Geographical Areas (GAs) in 13 states. This expansion is expected to benefit up to 14% of India’s population, reaching over 200 million people, and further developing the infrastructure for Piped Natural Gas (PNG) and Compressed Natural Gas (CNG).
Established in 2005 and rebranded in 2021, Adani Total Gas is a key player in India’s gas distribution sector. The company serves residential, commercial, and industrial clients with PNG, while also providing CNG for transportation. It is also investing in electric vehicle charging infrastructure and compressed biogas plants.
At 9:32 AM, Adani Total Gas shares were trading 5.36% higher at Rs 830.85, while the BSE Sensex saw a 0.24% rise, reaching 84,749.73 points.
