Mahanagar Gas IPO to open on June 21

The  initial public offering (IPO) of Mahanagar Gas will open remain for subscription between June 21 and June 23. The price band for the IPO is Rs 380-421 per share.

The IPO comprises offer for sale (OFS) worth Rs 520 crore each from GAIL (India) and UK's BG Group.

Mahanagar Gas, country's leading natural gas distribution company, is a joint venture between Gail and BG group.

Following the IPO, the shareholding of Gail and BG group will come down to 32.5% from 45% at present.

The government of Maharashtra owns 10% stake in the company. Mahanagar Gas' IPO is being managed by Kotak Mahindra Capital Company and Citigroup Global Markets.