Investors will get a chance to buy shares of this gas company!
Public sector refinery and marketing company bpcl has approved the launch of IPO of maharashtra Natural Gas Limited. The company said in a regulatory filing with the stock exchange that the board of bpcl has in principle approved the IPO of MNGL (Maharashtra Natural Gas Limited).
bpcl board approves IPO
bharat petroleum corporation limited said in a regulatory filing with the stock exchanges that there are reports that maharashtra Natural Gas Limited, a joint venture company of bpcl, GAIL and IGL, is preparing for listing by bringing an IPO (Initial Public Offering) of Rs 1000 crore on the stock exchanges. Giving its clarification in this regard, the company said that the board has approved bpcl to bring an IPO, however, regulatory and other approvals will be taken for this.
IPO will come in the next financial year
maharashtra Natural Gas Limited is a city gas distribution company whose IPO will be launched in the coming financial year and the company will be listed on the stock exchange. IGL (Indraprastha Gas Limited) holds 50 percent stake in maharashtra Natural Gas Limited while bpcl and GAIL hold 22.5 percent stake. The maharashtra government also has a 5 percent stake in the company which is held by the state government's maharashtra Industrial Development Corporation (MIDC).
Company investors will sell stake
In the IPO of maharashtra Natural Gas Limited, money will be raised both through offer for sale and new shares. Through offer for sale, the company's largest shareholder can sell his stake. maharashtra Natural Gas Limited provides its services in Pune, Pimpri-Chinchwad and its surrounding areas. Apart from this, MNGL also supplies CNG, PNG for commercial and industrial use apart from domestic consumers in the districts of maharashtra, karnataka and Telangana. In the last financial year, the company's revenue was Rs 3,001.88 crore while the net profit was Rs 610.12 crore. After listing on the stock exchange, maharashtra Natural Gas Limited will be the sixth such company to be listed on the stock exchange.