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Last Updated : May 06, 2016 10:23 PM IST | Source: CNBC-TV18

Mahanagar Gas IPO to be announced next week; Gail in focus

GAIL was rallying in trade on Friday and was up around 5 percent on back of news that Mahangar Gas IPO will be announced next week. Both GAIL and British Gas Asia (BG) hold 49.75 percent each in Mahanagar Gas.


GAIL was rallying in trade on Friday and was up around 5 percent on back of news that Mahangar Gas' (MGL) initial public offering (IPO) will be announced next week. Both GAIL and British Gas Asia (BG) hold 49.75 percent each in Mahanagar Gas.


It is going to be an offer for sale, where both the companies will sell 12.5 percent each and raise close to Rs 2500 crore.


They are looking at a valuation of around Rs 4800 crore for MGL.

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The company had filed its draft red herring prospectus (DRHP) with Sebi in November seeking permission to launch the IPO. It obtained clearances from the regulator on January 15, as per the latest update.

Mahanagar Gas' initial share would be around 24,694,500 equity shares.


Bankers for the IPO include Kotak and Citigroup.


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First Published on May 6, 2016 05:09 pm
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