Financial Daily from THE HINDU group of publications
Wednesday, Nov 12, 2003
Financial Daily from THE HINDU group of publications Wednesday, Nov 12, 2003 |
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Corporate
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IPOs Indraprastha Gas gets FIPB nod to sell shares to overseas investors Our Bureau
New Delhi , Nov. 11 INDRAPRASTHA Gas Ltd (IGL) has obtained the approval of the Foreign Investment Promotion Board for transfer of equity shares to non-resident Indians, foreign institutional Investors and foreign venture capital funds registered with the market regulator, in its proposed initial public offering. According to an official release, IL&FS Trust Company Ltd, Infrastructure Development Company Ltd and Unit Trust of India, will be selling half of their shares, which amount to four crore shares. The company will not receive any proceeds from this IPO, as this is an offer for sale of the equity shares held by the financial institutions. The public offering is expected to hit the market by the end of the month. IGL, a joint venture between Bharat Petroleum Corporation Ltd and GAIL (India) Ltd, has a substantial infrastructure for the supply of compressed natural gas in the automotive sector in Delhi. This includes a pipeline network and 115 CNG stations supplying gas to over 75,000 vehicles.
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