GSPC to raise Rs2,992 crore through IPO
02 Feb 2010
Gujarat government-owned oil and gas exploration company Gujarat State Petroleum Corporation Ltd (GSPC), is planning to launch a public offer in April-June this year.
GSPC, India's only state government-owned oil and gas company hopes to raise approximately Rs2,992 crore through the IPO.
The Gujarat government, which holds approximately 95 per cent equity stake, will be selling 15 per cent stake in GSPC, which plans to file its draft prospectus with SEBI by the end of this month.
Existing shareholders of GSPC like State Bank of India and IDBI Bank will be given 5 per cent preferential allotment at about Rs810 a share, while the state government will hold 80 per cent.
Aided by the central government's opening of the oil and gas sector to private participation in the early 1990s, GSPC has grown from a operator of small fields in Gujarat into a full-fledged oil and gas exploration and production company across India and overseas within a decade.
GSPC was among India's first companies to participate in the New Exploration Licensing Policy (NELP) bidding process and acquire exploration blocks across the country.
