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Indraprastha Gas offer for sale cleared

By Our Special Correspondent

NEW DELHI OCT. 27. The Securities and Exchange Board of India has approved the proposed public issue of Indraprastha Gas Ltd. (IGL), the sole supplier of natural gas to automobiles in the capital. IGL is now expected to come out with its initial public offer by the end of November

An IGL release says the shares on sale will be those of the IL&FS Trust Company, Infrastructure Development Company Limited (IDFC) and the Unit Trust of India. The book running lead managers for the public offer are: JM Morgan Stanley, Enam Financial Consultants and Kotak Mahindra Capital Company.

The IGL will not receive any proceeds from the IPO as it is an offer for sale of the equity shares held by the financial institutions.

The public offer is expected to provide liquidity to the existing shareholders and among other benefits.

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