Mahanagar Gas rises on inking share subscription agreement with 3EV Industries
Mahanagar Gas is currently trading at Rs. 1463.95, up by 9.85 points or 0.68% from its previous closing of Rs. 1454.10 on the BSE.
The scrip opened at Rs. 1405.50 and has touched a high and low of Rs. 1466.70 and Rs. 1405.50 respectively. So far 8619 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 1558.85 on 07-Feb-2024 and a 52 week low of Rs. 864.65 on 23-Feb-2023.
Last one week high and low of the scrip stood at Rs. 1558.85 and Rs. 1405.50 respectively. The current market cap of the company is Rs. 14291.66 crore.
The promoters holding in the company stood at 32.50%, while Institutions and Non-Institutions held 58.08% and 9.42% respectively.
Mahanagar Gas (MGL) has signed a Share Subscription Agreement (SSA) with 3EV Industries (3ev) on February 12, 2024 for an equity infusion of Rs 96 crore in the company. The investment, which is to be made in tranches, is subject to normal closing provisions. The first tranche is expected to be invested before the end of this month.
3EV Industries is an Electric Vehicle OEM established in 2019 in Bangalore, Karnataka. The company manufactures L5 category three-wheel cargo, passenger, and ICE-to-EV converted electric vehicles. Its premium EVs are used to serve the transportation needs of leading e-commerce, retail, and last mile logistics companies. The investment will be used by the company to ramp up production capacity to meet increasing customer demand, support R&D projects focused on electronics efficiency and further develop aftermarket services including Battery-as-a-Service (BaaS).
Mahanagar Gas is in the business of City Gas Distribution (CGD), supplying natural gas in the city of Mumbai including its adjoining areas and the Raigad district, in the State of Maharashtra, India.
