Maharashtra Natural Gas IPO : Investors will get this city gas company of BPCL..

MNGL IPO: Maharashtra Natural Gas Limited is a city gas distribution firm, with Indraprastha Gas Limited owning a 50% stake.

Maharashtra Natural Gas IPO

Maharashtra Natural Gas IPO : Maharashtra Natural Gas IPO: The public sector refinery and marketing company BPCL has given the green light for the IPO of Maharashtra Natural Gas Limited. In a regulatory filing with the stock exchange, the company announced that BPCL's board has, in principle, approved the IPO of MNGL (Maharashtra Natural Gas Limited).

BPCL board approves IPO

Bharat Petroleum Corporation Limited stated in a regulatory filing with the stock exchanges that there are reports indicating Maharashtra Natural Gas Limited, a joint venture of BPCL, GAIL, and IGL, is planning to list by launching an IPO (Initial Public Offering) worth Rs 1000 crore on the stock exchanges. In clarification, the company mentioned that the board has approved BPCL to proceed with an IPO, but regulatory and other necessary approvals will be sought.

IPO will come in the next financial year

Maharashtra Natural Gas Limited, a city gas distribution firm, plans to launch its IPO in the upcoming financial year and will be listed on the stock exchange. Indraprastha Gas Limited (IGL) owns a 50% stake in the company, while BPCL and GAIL each hold a 22.5% stake. Additionally, the Maharashtra government, through the Maharashtra Industrial Development Corporation (MIDC), holds a 5% stake in the company.

Company's investors will sell stake

In the IPO of Maharashtra Natural Gas Limited, funds will be raised through both an Offer for Sale and the issuance of new shares. The company's largest shareholder can sell their stake through the Offer for Sale. Maharashtra Natural Gas Limited operates in Pune, Pimpri-Chinchwad, and the surrounding areas. Additionally, MNGL supplies CNG and PNG for commercial and industrial purposes, as well as to domestic consumers in the districts of Maharashtra, Karnataka, and Telangana. In the last financial year, the company reported a revenue of Rs 3,001.88 crore and a net profit of Rs 610.12 crore. Once listed, Maharashtra Natural Gas Limited will become the sixth such company to be listed on the stock exchange.