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Petronet IPO at Rs 16-18
January 13, 2004 13:23 IST
Last Updated: January 13, 2004 15:15 IST
Petronet LNG Ltd, India's first liquefied natural gas importer, will file a draft prospectus on Tuesday for an initial public offering of 261 million equity shares, representing 35 per cent of equity, to raise around Rs 400 crore (Rs 4 billion).
"Our people are in Mumbai today to file the prospectus for the IPO, which will hit the market in the second week of February," PLL CEO and MD Suresh Mathur told reporters on the sidelines of an industry conference in New Delhi.
PLL has indicated a price band of Rs 16-18 for the IPO being done through the book building route.
Mathur said the IPO will help the company tie up its entire equity before it commences the commercial sale of LNG imported from Qatar in April 2004.
Indian Oil Corporation, Oil and Natural Gas Corporation, Gas Authority India Ltd and Bharat Petroleum hold 12.5 per cent stake each in PLL, while project consultant Gaz de France will take 10 per cent.
The remaining five per cent equity will be picked up by the Asian Development Bank.