GAIL Gas IPO: Board Approves Listing Plan, Up To 25% Stake Sale Proposed

GAIL board clears in-principle listing plan, up to 25% stake dilution proposed (File Photo)

State-owned GAIL (India) Ltd has taken the first major step towards bringing its wholly owned subsidiary, GAIL Gas Ltd, to the stock market. The company's board has granted in-principle approval for an initial public offering (IPO) of GAIL Gas, with a proposal to offload up to 25 per cent of its equity through the public issue. The proposed listing will provide GAIL Gas an opportunity to enter the capital markets, although the final IPO structure, valuation and size of the stake sale are yet to be determined.

In an exchange filing on Friday, GAIL confirmed that its board had approved the proposal to list GAIL Gas shares on Indian stock exchanges through the IPO route. The company also clarified that further decisions on the offering would be taken after receiving recommendations from the appointed Book Running Lead Managers (BRLMs).

GAIL Board Approves GAIL Gas IPO Proposal

The board of GAIL has given its initial consent to the listing of GAIL Gas through a public issue. As part of the proposal, the state-owned energy company is considering reducing its ownership in the subsidiary by up to 25…

Original source: https://www.timesnownews.com/business-economy