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Sunday, Nov 30, 2003

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Indraprastha Gas IPO oversubscribed on first day

Our Bureau

Hyderabad , Nov. 29

INDRAPRASTHA Gas Ltd's (IGL) initial public offer of equity shares has been oversubscribed by nearly 138 per cent on the first day itself. The issue, which opened on Friday, will close on December 5.

Mr Ankush Pitale of JM Morgan Stanley Pvt Ltd, one of the book running lead mangers, told newspersons here on Saturday that the company received subscriptions of over 9.5 crore shares as against an offering of four crore equity shares of Rs 10 each in a price band of Rs 40 to Rs 48 per share. The offer price would be discovered through the 100 per cent book building process.

According to the IGL General Manager (Finance), Mr Jitendra Mohanney, the existing financial investors in the company - IL & FS Trust Company Ltd, Infrastructure Development Finance Company Ltd and UTI - India Infrastructure Fund Unit Scheme 1999 - are jointly making the offer of equity shares, the proceeds of which would go to them. The offer includes a reservation of up to three lakh shares for permanent employees of IGL. The offering constitutes 28.57 per cent of the company's paid-up capital. After the IPO, the offerors will retain an aggregate shareholding 21.4 per cent in the company.

Mr Mohanney said that the company had planned to expand its CNG unit by investing Rs 147 crore in the current fiscal. This amount would be raised through internal accruals and debt.

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