The memorandum of understanding (MoU) was signed by MGL Managing Director Sanjib Datta and Tata Power CEO and Managing Director Praveer Sinha, in Mumbai.
The price band for the IPO is Rs 380 per share to Rs 420 per share. At the lower end of the price band, the company could raise up to Rs 93.80 billion, a company statement showed.
Mahanagar Gas Ltd, India's second biggest CNG retailer, will launch an initial public offer (IPO) of Rs 1,200 crore this month to get listed on domestic bourses.
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.
The Ministry on March 5 issued 'Draft Guidelines for granting Marketing Rights for CNG as Transportation Fuel, including setting up CNG Stations' wherein any entity that has invested Rs 500 crore in oil and gas infrastructure can get rights/license to retail the fuel to automobiles by setting up CNG stations.