ADB Selling up to $120m Stake in Petronet LNG

Asian Development Bank (ADB) has launched a share sale in Indian gas supplier Petronet LNG Ltd to raise up to $120 million, three sources with direct knowledge of the deal said on Thursday.

ADB, which owned a 5.2 percent stake in Petronet LNG as of end-June, will sell the shares through block deals on the stock exchange, said the sources, who declined to be named as the deal details are not public yet.

Petronet LNG shares are up 58 percent this year, outperforming a 25 percent gain in the broader NSE index .

Officials at Petronet LNG and ADB's New Delhi office could not be immediately reached for comments outside office hours.

(Reporting by Sumeet Chatterjee, Abhishek Vishnoi and Devidutta Tripathy; Editing by Anand Basu)