Petronet LNG Plans IPO In Jan

New Delhi, Nov 6: | Updated: Nov 7 2003, 05:30am hrs
Petronet LNG Ltd, which will become Indias first LNG importer when Qatari Rasgas cargo lands at its Dahej import terminal in January next, has planned an initial public offering of equity shares in the same month.

"We have appointed DSP Merril Lynch, JM Morgan Stanley, ICICI Securities, Enam and SBI Caps as merchant bankers for the IPO of 20 crore shares (25 per cent of the equity capital)," PLL director (finance) P Dasgupta told PTI here.

The company will list its shares on The Stock Exchange, Mumbai (BSE) and National Stock Exchange to raise Rs 250 crore that would part-fund construction of the Rs 800 crore Dahej import terminal in Gujarat. The 5 million tonne Dahej terminal will be commissioned in December.

The share placement will also part-finance a third LNG storage tank at Dahej, construction on which is to begin in the first quarter of 2004.

Mr Dasgupta said the prospectus for the IPO would be filed sometime in December.

Petronets promoters, state-owned refiners Indian Oil Corp and Bharat Petroleum Corp Ltd, gas transmission utility Gail India Ltd, and upstream giant Oil and Natural Gas Corp, hold 12.5 per cent stake each in the Rs 800 crore capital.