Mahanagar Gas, which recently concluded its IPO will list on bourses on Friday (July 1). The initial share sale of country’s second largest CNG retailer Mahanagar Gas was oversubscribed by 65.28 times.
The issue period was from June 21-23. The company had set price band of Rs 380-Rs 421 for the issue.
MGL is jointly promoted by GAIL & BGAPH. GAIL – a Maharatna PSU – is the largest natural gas transmission company in India. Singapore-headquartered BGAPH – a part of Royal Dutch Shell plc (Feb’16) – is an international exploration and production and LNG company. MGL has delivered strong financial performance with consistent growth and profitability with an excellent track record of dividend distribution policy.
Mahanagar Gas (MGL) is one of the largest city gas distribution companies in India with over 20 years of experience in supplying natural gas in Mumbai.
The equity shares will be listed on the BSE and NSE.