Mahanagar Gas fixes price band of Rs 380 - 421 for IPO
16/06/2016 12:36
Mahanagar Gas Ltd (MGL), India's second biggest CNG retailer, has fixed the price band of Rs 380-421 for its initial public offer (IPO) to raise around Rs 1,040 crore. The company, promoted by GAIL and BG Asia Pacific Holdings Pte Ltd, is making an offer for sale of up to 24,694,500 equity shares of Rs 10 each, said the media report. The Mumbai-based gas distributor has proposed sale of up to 12,347,250 equity shares by Maharatna public sector undertaking GAIL and up to 12,347,250 equity shares by BG Asia Pacific. The money raised through the IPO would accrue to the promoters who are selling their stake. The IPO will open on June 21 and close on June 23. The IPO is being managed by Kotak Investment Bank and Citigroup. 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.
