Indraprastha Gas, a natural gas distribution company promoted jointly by the Gas Authority of India (GAIL) and Bharat Petroleum Corporation (BPCL), will make an initial public offering (IPO) in June to raise about Rs 160 crore.
Senior GAIL officials confirmed that the joint venture has received an approval for the offer. However, the funds will be raised in phases, he said.
Merchant banking sources said that the company will be raising more than Rs 100 crore from the market in June.
At present, GAIL and BPCL hold 31.5 per cent of the equity each, Infrastructure Lease and Financing Services (IL&FS) and Infrastructure Development and Financing Corporation (IDFC) hold 28 per cent each, Unit Trust of India (UTI) holds 14 per cent and the government of NCT of Delhi holds 7 per cent in the company.
Going by the company
