Adani Gas open offer - A special situation risk-free trade

Acquirer Total Holdings SAS has announced an open offer to acquire upto 27.71cr shares (25.2%) of Adani Gas at an offer price of INR 149.63. The offer is subsequent to the acquirer executing a share purchase agreement with the existing promoters to acquire not more than 37.4% stake (including the shares tendered by the public shareholders in the open offer).

The offer will have an acceptance ratio of 100%. We recommend accumulating around INR 146.15 giving a spread of 2.38% (open offer at 149.63) considering the offer to take around a month for completion. Traders can buy any price below 146.15 and play the 2% trade in the live market as well. In case stock declines, our cost for tendering is fixed at 149.63 and hence, ZERO risk in playing this.

Tentative Timelines

  1. Last date for upward revision in offer price: 04-Dec-19
  2. Date of opening of offer: 06-Dec-19
  3. Date of closing of offer: 19-Dec-19
  4. Last date for payment of consideration: 03-Jan-20


The author may have positions in the stocks as mentioned in the article above, please assume us to be biased. This is not a recommendation to buy or sell securities. This is purely information about the company mentioned. Equity investing contain risks and please consult your financial adviser for any buy and sell securities!

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