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Monday, January 16, 2006

Gujarat State Petronet fixes price band for its IPO

Gujarat State Petronet, GSPL, the second largest natural gas transmission network in India, has fixed the price band for its forthcoming initial public offer, IPO, at Rs 23-27 per share, according to a release.

GSPL is entering the capital market with a public issue of 13,80,00,000 equity shares of Rs 10 each for cash at a premium to be decided by the book-building process.

Of the public issue, upto 50% is available for allotment to qualified institutional buyers, QIBs. Of the QIB portion, 5% is available for allotment to mutual funds.

From the balance, 15% of the issue would be available for allotment to non-institutional investors and the remaining 35% for retail investors.

The company, promoted by Gujarat State Petroleum Corporation, currently has 433 km of pipeline network under operation from Hazira to Kalol and has plans to construct additional natural gas transmission pipelines totalling approximately 742 km in length by July 2007.

The other key shareholders of GSPL include Gujarat Maritime Board, Gujarat Urja Vikas Nigam, Gujarat State Electricity Company, Gujarat Narmada Valley Fertilizers Company and Gujarat Industrial Development Corporation.

Amongst the private investors are India Development Fund, a unit scheme of IDFC Infrastructure Fund, which is managed by IDFC Private Equity Company, Infrastructure Development Finance Company of India, Industrial Development Bank of India and UTI Bank.

The book running lead managers to the issue are Kotak Mahindra Capital Company, HSBC Securities & Capital Markets (India) and ICICI Securities.

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