IEX Divests 4.93% Stake in Subsidiary to Indian Oil; Sells 36.9 Lakh Shares

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IEX Divests 4.93% Stake in Subsidiary to Indian Oil; Sells 36.9 Lakh Shares

By Malvika Gurung

Investing.com -- The Indian power trading exchange Indian Energy Exchange (NS: IIAN ) announced divesting 4.93% stake in its subsidiary Indian Gas Exchange to the state-owned petroleum refining company Indian Oil (NS: IOC ) Corporation Ltd (IOCL).

IEX has sold 36,93,750 equity shares of IGX having a face value of Rs 10 apiece to IOCL, post which its shareholding in the subsidiary has reduced, while IOCL has become a strategic partner of IGX.

The energy exchange’s key official stated that the development will contribute to building the gas market in India and is aligned with the government's vision of accelerating the share of gas in the energy mix to 15% by 2030, as per a PTI report.

IOCL’s expertise in the gas sector is pegged to add new products in the Indian market and boost IGX’s growth.

Shares of the gas exchange IEX were trading 0.83% higher at Rs 255.2 at 11:57 am on Wednesday, while the state-owned IOCL was trading 0.77% high at Rs 124.9 apiece.

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