New Delhi: Joining the IPO bandwagon, gas distribution company Mahanagar Gas Ltd (MGL) has filed draft papers with the capital markets regulator Sebi to raise funds through a public offer. The Initial Public Offer (IPO) would be of up to 24,694,500 shares of Mahanagar Gas Limited, as per the Draft Red Herring Prospectus (DRHP) filed with Sebi, reports PTI.
This would include an offer for sale of up to 12,347,250 shares by state-run GAIL and of up to 12,347,250 shares by UK-based British Gas Asia Pacific Holdings Pte Ltd.
The offer would also include a reservation for eligible employees. MGL distributes gas to 0.82 million households and over 2,600 small commercial and 55 industrial establishments. The company also supplies CNG to vehicles in Mumbai, Thane, Mira-Bhayander, Navi Mumbai and beyond.
GAIL and British Gas Asia each hold 49.75% in the company. The Maharashtra government also has a minor 0.49% stake in the firm.
For the 2014-15 fiscal, the company had reported a profit of Rs 301 crore.
