labels: oil & gas, indraprastha gas, bse, nse
Indraprastha Gas lists on stock exchanges of Bombay, National news
Our Markets Bureau
26 December 2003

Mumbai: Indraprastha Gas Ltd's (IGL) share opened for trading today at Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

The listing ceremony was held at the BSE, where A K De, managing director, IGL, rang the ceremonial gong to commemorate the listing of the IGL scrip and commencement of trading for the day. At the BSE, the IGL share will be traded under the B1 group. The trading symbol for the scrip will be IGL, both at the NSE and the BSE.

A public offer of equity shares was made through offer for sale of 40,000,000 equity shares of Rs 10 at a price of Rs 48 per equity share for cash aggregating Rs 192 crore. The offer was open for subscription between 28 November and 5 December 2003 and received an overwhelming response. The company received 514,893 bids for 1,40,80,82,000 equity shares at the offer price (Rs 48) resulting in 35.38 times subscription.

This offer was made through a 100-per cent book-building process wherein 50 per cent of the offer was allotted on a discretionary basis to qualified institutional buyers (QIBs). Further, 25 per cent of the offer was allotted on a proportionate basis to non-institutional bidders and 25 per cent of the offer was allotted on a proportionate basis to retail individual bidders. Three lakh equity shares were reserved for allotment to permanent employees of the company.

Says De: "This is a historic occasion for IGL and we are aware of the responsibility of honouring the confidence that the IPO [initial public offering] subscribers have reposed in us. At this milestone moment, we at IGL rededicate ourselves to the pursuit of the highest standards of corporate governance and enhancement of shareholder value."

The three selling shareholders, namely IL&FS Trust Company (in its capacity as trustee for AIG Indian Sectoral Equity Trust), Infrastructure Development Finance Company (IDFC) and Unit Trust of India (UTI) sold 28.57 per cent of IGL's paid-up equity capital through this offering. The book running lead managers for the IPO were JM Morgan Stanley, Enam Financial Consultants and Kotak Investment Banking.

IGL is a leading producer and marketer of compressed natural gas (CNG) for the automotive sector and is a marketer and distributor of piped natural gas (PNG) for domestic and commercial sectors. The company is promoted by two energy sector leaders - Gail India Ltd, the largest natural gas transmission company in India, and Bharat Petroleum Corporation Ltd (BPCL), one of the leaders in oil refining and marketing in India. IGL draws upon the distribution skills of Gail and the retail marketing experience of BPCL and the project implementation expertise of both.

IGL is one of India's first few companies to commercialise the use of CNG. The company has created substantial infrastructure for the supply of CNG to the automotive sector in the NCT of Delhi. This includes a pipeline network and 115 CNG stations supplying gas to over 75,000 vehicles.

Another facet of the company, the PNG business, seeks to provide safe, convenient and reliable fuel to the domestic and commercial sectors in select areas of NCT of Delhi. IGL currently supplies PNG to over 10,000 domestic consumers and 95 commercial customers.

 search domain-b
Indraprastha Gas lists on stock exchanges of Bombay, National