Petronet to float IPO in February

Monday, 29 December 2003, 08:00 Hrs
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NEW DELHI: Petronet LNG Ltd, which completed construction of India's first LNG import terminal at Dahej in Gujarat on Monday, will float an initial public offering (IPO) of 26.10 crore shares around February 15, 2004.

"We will file the prospectus of the IPO being done through book building, next week," PLL director (finance) P Dasgupta told PTI.

The company, which has appointed DSP Merril Lynch, SBI Caps, JM Morgan Stanley, ICICI Securities and Enam as merchant bankers for the public issue, will list its shares on Bombay Stock Exchange and National Stock Exchange to raise about Rs 1000 crore that would part fund expansion of the five million tonnes a year Dahej LNG import and regassification terminal.

A third LNG storage tank will be constructed at Dahej from first quarter of 2004.

Petronet's 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.

Project consultant Gaz de France has taken 10 per cent stake in the company.

Dasgupta said the Dahej terminal was mechanically completed today and the first LNG ship from Qatar will touch Indian shores on January 28. 'Disha', first of the two LNG tankers PLL is chartering for shipping LNG from Qatar, will be delivered on January 10.

"First four LNG cargoes will go in pre-commissioning activities and commercial sales will begin from April 1," he said.

Source: IANS
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