The Industrial Development Finance Corporation of India (IDFC) has picked up a 20 per cent stake in Indraprastha Gas Ltd at par.
The Rs 29-crore deal comes close on the heels of American Insurance Group (AIG) acquiring a 20 per cent equity in the company at the same share price.
Bharat Petroleum Corporation (BPCL) and Gas Authority of India (GAIL) are the promoters of Indraprastha Gas. According to sources, IDFC has signed the deal last week. It has also sanctioned around Rs 20 crore to Indraprastha Gas.
With this, BPCL and Gail hold 22.5 per cent equity each in the company, IDFC 20 per cent, AIG 20 per cent, state government of New Delhi five per cent, and the rest 10 per cent with the State Bank of India (SBI). According to sources, SBI's equity will be picked up by one of the bank's subsidiaries later.
SBI Caps, the merchant banking arm of SBI, was mandated to arrange financial investors for the company, which it has done in the shortest possible time.
SBI Caps will also arrange around Rs 600 crore worth project finance for the company's gas pipeline project in New Delhi, which will be completed in two phases.
