Mahanagar Gas Limited (MGL) IPO is launching on 21 June 2016, Tuesday. MGL is listing initial public offering of about Rs 22.47 crore equity. GAIL India and British Gas Asia Pacific Holdings Pte Ltd (BGAPH), the promoters of Mahanagar Gas Ltd, are selling 1.23 Crore Shares each.
Mahanagar IPO Issue size is expected to be of Rs 1040 Crore. However, since no new shares are being issued, MGL will not receive any funds from the offer. All the proceeds from the issue will go to the promoters.
At most 15 per cent of the issue will be available for non-institutional bidders and the remaining 35 per cent for retail investors.
Mahanagar Gas Ltd Company Promoters:
GAIL (India) Limited; and
BG Asia Pacific Holdings Pte. Limited
Mahanagar Gas Ltd IPO Issue Detail:
Issue Open on:
June 21, 2016
Issue Close on:
June 23, 2016
Book Built Issue IPO
24,694,500 Equity Shares of Rs 10 aggregating up to Rs 1,039.64 Cr
Face Value: Rs 10 Per Equity Share
Market Lot: 35 Shares
Minimum Order Quantity: 35 Shares
Listing At: BSE, NSE
About the Mahanagar Gas Ltd Company:
Mahanagar Gas is one of the largest city gas distribution companies in India with over 20 years of experience in supplying natural gas in Mumbai. Mahanagar Gas is presently the only authorized distributor of compressed natural gas (CNG) and piped natural gas (PNG) in Mumbai, its adjoining areas and Raigad district in Maharashtra.
Company distribute natural gas through an extensive CGD network of pipelines, for which Mahanagar Gas have the exclusive authorization to lay, build, expand and operate the city gas distribution network. Company have a supply network of over 4,464 kms of pipelines.
According to Centrum Wealth, an increase in cost of natural gas or decline in gas allocation could affect operations. Any adverse judgement by Delhi High Court for marketing exclusivity in Mumbai region could increase competition and affect business.
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