IGL (Indraprashtha Gas) shares climbed more than 2 per cent on the NSE (National Stock Exchange), as JV between GAIL, BPCL and IGl named Maharashtra Natural Gas Limited (MNGL) received nod from the BPCL board to go public with a Rs 1,000 crore IPO
The IGL shares went on to touch the day high level of Rs 433.75 per share on the Indian exchanges, after hitting the opening bell at Rs 430.00 per share on the bourses,
IGL (Indraprastha Gas), shares were trading around Rs 185.26 per share on the exchanges with a surge of 1.69 per cent amounting to a Rs 7.15 per share on the dalal street.
Shareholding of companies in JV
In the JV MNGL, IGL owns 50 per cent of the company, while BPCL and Gail each own 22.5 per cent. An additional 5 per cent of the business is owned by the Maharashtra Industrial Development Corporation, or MIDC.
'Maharashtra Natural Gas Limited (MNGL), a joint venture of BPCL, GAIL, and IGL, is preparing to list through an Initial Public Offering (IPO) of over Rs 1,000 crore,' BPCL stated in a regulatory filing. Regarding this, the BPCL Board has approved the IPO in principle, pending regulatory and other approvals.
Company financials
EBITDA increased 41 per cent to Rs 961.53 crore, and the company reported its highest-ever revenue of Rs 3,001,88 crore in its FY24 annual report. After taxes, the profit increased by 45 per cent to Rs 610.12 crore.
About JV company
MNGL is a municipal gas distribution company. The establishment, operation, and expansion of city gas distribution projects in Pune and Pimpri-Chinchwad, as well as the neighboring communities of Hinjewadi, Chakan, and Talegaon, have been approved by the Petroleum and Natural Gas Regulatory Board (PNGRB).
