Total Holdings SAS signed an agreement to acquire 12.2% stake in Adani Gas Limited (NSEI:ADANIGAS) from a group of sellers for INR 20.1 billion on October 14, 2019. Total Holdings will acquire 134.2 million shares at a price of INR 149.63 per share in cash. The group of sellers include Worldwide Emerging Market Holding Ltd, Universal Trade And Investments Ltd, Afro Asia Trade And Investments Ltd, Adani Tradeline LLP, Flourishing Trade And Investments Ltd, Shri Gautam S. Adani and Shri Rajesh S. Adani. In a related transaction, Total Holdings SAS made an offer to acquire 25.2% stake in Adani Gas Limited (NSEI:ADANIGAS) for INR 41.5 billion on October 14, 2019. On completion of agreement and an open offer, Total Holdings would hold 37.4% stake in Adani Gas. Transaction is subject to statutory approvals and completion of the open offer by Total Holdings. As of November 28, 2019, transaction has been approved by Competition Commission of India. As on February 24, 2020, the transaction was approved by the Petroleum and Natural Gas Regulatory Board. Zia Mody, Ashwath Rau, Kashish Bhatia and Medha Marathe of AZB & Partners acted as legal advisor to Total Holdings SAS. Edward Barnett, Hector Sants, Koushik Prasad, Ryan Maierson, and Rajiv Gupta of Latham & Watkins LLP (Paris) acted as legal advisor for Total Holdings. Total Holdings SAS completed the acquisition of 12.2% stake in Adani Gas Limited (NSEI:ADANIGAS) from a group of sellers on February 28, 2020.