Petronet LNG 's ADB’s 5.2% stake interested in buying out by ONGC,GAL,&IOC

Petronet LNG rose 1.86% to Rs 65.50 at 11:19 IST on BSE on reports Indian Oil Corporation, ONGC, and GAIL India have expressed interest in buying out the Asian Development Bank’s 5.2% stake in the country’s largest LNG importing firm.

The scrip had hit a high of Rs 65.65 and a low of Rs 62.50 so far during the day. It had touched a 52-week high of Rs 121.90 on 4 January 2008 and a 52-week low of Rs 53.70 on 19 June 2007.

The company's current equity is Rs 750 crore. Face value per share is Rs 10.

The current price of Rs 65.50 discounts its Q4 March 2008 annualised EPS of Rs 6.40, by a PE multiple of 10.23.

Indian Oil Corporation, ONGC, and GAIL India already hold 12.5% stake each in Petronet LNG (as at March 2008). No other details about the deal size and valuation were disclosed in the report.

Petronet LNG posted 13.21% rise in net profit to Rs 120.03 crore on 13.89% increase in net sales to Rs 1752.65 crore in Q4 March 2008 over Q4 March 2007.

Petronet LNG imports, stores and regassifies LNG and sells it. The company has set up the country`s first LNG receiving and regasification terminal at Dahej, Gujarat, and is in the process of building another terminal at Kochi, Kerala. While the Dahej terminal has a nominal capacity of 5 million metric tons per annum (MMTPA), the Kochi terminal will have a capacity of 2.5 MMTPA.