Maharastra Gas Rs. 1000 Cr. IPO coming
Maharashtra Natural Gas Ltd (MNGL), a joint venture between Bharat Petroleum Corporation Ltd (BPCL), GAIL, and Indraprastha Gas Ltd (IGL), is preparing for an Initial Public Offering (IPO) worth over Rs.1,000 crore. BPCL confirmed the development in a filing with the stock exchange on January 6, stating that its board has granted preliminary approval for the public issue.
The company clarified in the filing: “We would like to address a news report regarding MNGL, the joint venture of BPCL, GAIL, and IGL, preparing for an IPO exceeding Rs.1,000 crore. In this regard, the BPCL Board has given in-principle approval for the IPO, subject to regulatory and other necessary approvals.”
Quicklinks