India’s second biggest CNG retailer, Mahanagar Gas Ltd (MGL) is set to hit the capital markets on Tuesday to raise around Rs 1,040 crore through an initial public offer.
MGL, a major distributor of compressed natural gas (CNG) and piped natural gas (PNG) in Mumbai and adjoining areas, receives gas at its stations located at Wadala, Mahape, Ambernath and Taloja through pipelines owned by GAIL.
The company, promoted by state-run GAIL and British Gas Asia Pacific Holdings Pte Ltd, is making an offer for sale of up to 24,694,500 equity shares of Rs 10 each.
The initial share-sale programme will open tomorrow and close on June 23. At the upper end of the price-band, the firm will garner Rs 1,039.64 crore.
The money raised through the IPO would accrue to the promoters who are selling their stake.
British Gas and GAIL will sell up to 12,347,250 equity shares each in the IPO.
The gas distributor firm has fixed the price band of Rs 380-421 for its initial public offer.
Latest posts by Team EnergyInfraPost (see all)
- India likely to reach biomass power generation capacity target before 2022 - July 18, 2018
- NTPC signs Term Loan of ₹1500 crore with HDFC Bank - July 13, 2018
- NTPC’s 250 MW Solar Project In Suwasra, District Mandsaur, Madhya Pradesh Dedicated To State By Shri Shivraj Singh Chauhan Hon’ble Chief Minister, Madhya Pradesh - July 12, 2018