IPOs
3/12/2010 12:07 AM ET
(RTTNews) -
Gujarat State Petroleum Corporation or GSPC proposes to come out with an initial public offer in May, report media, quoting the minister for energy and petrochemicals, Saurabh Patel, on Thursday at Ahmedabad.
Sources said that the company would file the draft red- herring prospectus with market regulator SEBI early next week. The state government is likely to offload about 15% of its stake to raise nearly Rs.3,500 crore, said sources close to the government. It made a preferential allotment of 5% at about Rs.810 a share to banks and financial institutions, including State Bank of India and IDBI Bank.
Three years ago, it proposed to raise Rs.7,000 crore through an IPO, later reducing it to Rs.5,000 crore. In 2008, its attempt to raise Rs.3,500 crore failed due to the prevailing market conditions then.
The company, the first in India to acquire exploration blocks across the country, has an international portfolio in Egypt, the Yemen and Australia.
by RTT Staff Writer
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