Shares of Adani Total Gas Ltd. rallied by 6%, reaching a day’s high of Rs 855 on 23rd September after the company announced securing a $375 million financing package from global lenders.

This $375 million financing represents the largest global funding initiative in the city gas distribution (CGD) business, aimed at accelerating ATGL’s network infrastructure development.

An initial $315 million commitment includes an accordion feature for additional funding based on future business plans.

Five major international lenders—BNP Paribas, DBS Bank, Mizuho Bank, MUFG Bank, and Sumitomo Mitsui Banking Corporation—participated in this financing. The funding will fast-track ATGL’s capital expenditure, enabling the expansion of its CGD network across 34 authorised geographical areas (GAs) in 13 states.

Latham & Watkins LLP and Saraf & Partners represented the borrower, while Linklaters and Cyril Amarchand Mangaldas represented the lenders in this financing.

So far in 2024, the stock has given negative returns of almost 16%.

As of today, the company’s market capitalisation stands at Rs 91,801 crore.

At 11:22 AM, the shares of Adani Total Gas were trading 5.86% higher at Rs 834.95 on NSE.

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