June 14, 2019 / 9:14 AM / 4 days ago

BUZZ-India's Adani Gas rises on report France's Total close to buying 30% stake

(Adds Adani Group’s comment, updates share volume)

** Shares of gas distributor Adani Gas Ltd rise as much as 6.7% to 180 rupees, their highest since June 4

** French energy giant Total SA is close to buying a 30% stake in India's Adani Gas for upwards of 55 bln rupees ($790.51 mln), The Times of India reported here on Friday, citing people directly aware of the matter

** Deal to be announced shortly; it is expected to trigger an open offer to public shareholders - report

** Total may end up having a roughly equal stake in co as billionaire promoter Gautam Adani - report

** As a part of the company’s business growth strategy, we continue to evaluate various viable options. The company, however, doesn’t comment on speculations - Adani Group spokesperson

** Total did not immediately respond to Reuters’ request for comment

** Over 2.1 mln Adani Gas shares change hands by 0909 GMT, vs 30-day avg of 1.5 mln shares

** Stock up 67.4% this year, as of last close

$1 = 69.5750 Indian rupees Reporting by Chris Thomas in Bengaluru

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