Adani Enterprises Limited (BSE:512599) agreed to spin-off Adani Gas Limited on January 18, 2018. The shareholders of Adani Enterprises Limited will receive one share of Adani Gas Limited for every one share held in Adani Enterprises Limited. The equity shares of Adani Gas Limited shall be listed and admitted to dealings on BSE in the list of T Group of Securities on November 5, 2018.

The deal is subject to approval from BSE Limited, National Stock Exchange of India Limited, Securities and Exchange Board of India, National Company Law Tribunal and other regulatory and statutory approvals along with approval of shareholders of Adani Gas Limited and Adani Enterprises Limited. The Boards of Adani Gas Limited and Adani Enterprises Limited approved the deal. The National Company Law Tribunal approved the deal on August 3, 2018.

The record date for the transaction will be September 7, 2018. The transaction is expected to be completed in the second quarter of financial year 2019. B S R & Associates LLP acted as accountant, JM Financial Institutional Securities Limited acted as fairness opinion provider and Singhi and Co.

acted as legal advisor to Adani Enterprises Limited. Dhruva Advisors LLP and G K Choksi & Co acted as accountants to the transaction.