Shares of Adani Total Gas Ltd rose by 6% on Monday, following the announcement that the company secured $375 million in funding from international lenders to expand its business. The stock surged to Rs 836.10 on the BSE, hitting an intraday high of Rs 854.65.
Stock Rally on BSE and NSE
The company’s shares saw a significant rise on both the BSE and NSE. On the BSE, the stock jumped 6.02%, while on the NSE, it closed 5.19% higher at Rs 829.70. In total, 2.88 lakh shares were traded on the BSE, with 61.22 lakh traded on the NSE.
Global Lenders Boost Expansion Plans
Adani Total Gas secured $375 million in financing from global banks, including BNP Paribas, DBS Bank, and Mizuho Bank. The funds will accelerate expansion into 34 geographical areas across 13 states, enhancing the company’s city gas distribution network. CFO Parag Parikh stated that this move will strengthen India’s gas-based economy.
The expansion will serve up to 14% of India’s population, increasing the availability of piped natural gas and compressed natural gas infrastructure.
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