April 11, 2018 / 4:19 AM / 12 days ago

BUZZ-India's Mahanagar Gas falls to 1-year low; BG Asia Pacific cuts stake

** City gas distribution co Mahanagar Gas Ltd falls as much as 4.2 pct to one-year low of 905 rupees

** BG Asia Pacific Holdings selling down interest in co to raise 11 bln rupees ($169.04 mln) at a floor price of 905 rupees per share, IFR reports, citing a term sheet

** BG selling 12.5 pct of its 32.5 pct holding and sell-down involves a base deal of 7.4 mln shares, with an option for an increase of 4.9 mln shares - IFR

** Floor price represents a 4.2 pct discount to stock’s close on Tuesday

** Stock had declined about 14 pct this year as of Tuesday’s close, after rising nearly 40 pct last year ($1 = 65.0750 Indian rupees)

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