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Indraprastha IPO on Nov. 28

By Our Staff Correspondent

MUMBAI NOV. 24. Indraprastha Gas Ltd. (IGL), a leading producer, marketer and distributor of compressed natural gas (CNG) and piped natural gas for the automotive, domestic and commercial sectors respectively, has announced that the bidding process for its initial public offer (IPO) will open on November 28 and close on December 5.

The IPO will be by way of an offer for sale by existing financial investors, namely, IL&FS Trust Company (as trustee for AIG Indian Sectoral Equity Fund), Infrastructure Development Finance Company and UTI — India Infrastructure Fund Unit Scheme 1999 which are jointly making an offer of four crore equity shares of Rs. 10 each. This offer includes a reservation of up to three lakh shares for permanent employees of IGL. The price band for the offering is Rs. 40-48 per share. Based on the price band, the size of the IPO will be in the range of Rs. 160 crores-192 crores. After the IPO, the offerors will retain an aggregate shareholding of 21.4 per in IGL. The shares will be listed on both The Stock Exchange, Mumbai, and the National Stock Exchange of India Ltd.

IGL is promoted by GAIL (India), the largest natural gas transmission company in India and the Bharat Petroleum Corporation, a leading oil refiner and marketer.

The company has implemented a natural gas distribution system and set up its supplementary network of pipelines, compressors and CNG stations under a 56 month timeframe. IGL's business strategy focuses on maintaining its dominant market position in Delhi and adjoining areas by expanding capacity and coverage of distribution network to keep pace with demand potential.

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