Shares of Mahanagar Gas are expected to remain in focus on Friday after the company’s board approved a merger scheme with Unison Enviro and announced its quarterly results.
“The Board of Directors of Mahanagar Gas Limited at its Meeting held today i.e. Thursday, October 24, 2024, has considered and approved a Scheme of Merger/Amalgamation of Unison Enviro Private Limited (UEPL) with MGL and their respective shareholders,” the company said in its press release on Thursday.
UEPL is engaged in a similar business as MGL, specifically in the City Gas Distribution (CGD) sector. UEPL has a geographical presence in three areas: Ratnagiri district in Maharashtra; Latur and Osmanabad districts in Maharashtra; and Chitradurga and Davangere districts in Karnataka.
The city gas distributor reported a 16.5% year-on-year (YoY) decline in second-quarter profit on Thursday, falling to Rs 282.80 crore compared to Rs 338.50 crore a year earlier.
