Financial Daily from THE HINDU group of publications
Sunday, Nov 30, 2003

News
Features
Stocks
Port Info
Archives

Group Sites

Corporate - IPOs
Markets - IPOs


Indraprastha Gas IPO oversubscribed on first day

Our Bureau

Hyderabad , Nov. 29

INDRAPRASTHA Gas Ltd's (IGL) initial public offer of equity shares has been oversubscribed by nearly 138 per cent on the first day itself. The issue, which opened on Friday, will close on December 5.

Mr Ankush Pitale of JM Morgan Stanley Pvt Ltd, one of the book running lead mangers, told newspersons here on Saturday that the company received subscriptions of over 9.5 crore shares as against an offering of four crore equity shares of Rs 10 each in a price band of Rs 40 to Rs 48 per share. The offer price would be discovered through the 100 per cent book building process.

According to the IGL General Manager (Finance), Mr Jitendra Mohanney, the existing financial investors in the company - IL & FS Trust Company Ltd, Infrastructure Development Finance Company Ltd and UTI - India Infrastructure Fund Unit Scheme 1999 - are jointly making the offer of equity shares, the proceeds of which would go to them. The offer includes a reservation of up to three lakh shares for permanent employees of IGL. The offering constitutes 28.57 per cent of the company's paid-up capital. After the IPO, the offerors will retain an aggregate shareholding 21.4 per cent in the company.

Mr Mohanney said that the company had planned to expand its CNG unit by investing Rs 147 crore in the current fiscal. This amount would be raised through internal accruals and debt.

Article E-Mail :: Comment :: Syndication

Stories in this Section
`MRPL becomes 3rd largest refinery'


Escorts AGM on Dec 19 for delisting shares
Gujarat Ambuja allots shares
Grasim director reappointed
Morphy, Bajaj Electricals tie up for sourcing electric irons
Nagarjuna Fertilizers may have to pay back excess subsidy
ThyssenKrupp signs new tech tie-up with Alfred
Rodenstock in pact with GKB to make lens
Indraprastha Gas IPO oversubscribed on first day
Eveready setting up sales training institute


The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | Home |

Copyright 2003, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line