Indian IPO

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Thursday, January 01, 2009

Great Eastern Energy Corporation Ltd has filed its draft red herring prospectus with the Securities and Exchange Board of India.

Great Eastern Energy Corporation Ltd has filed its draft red herring prospectus with the Securities and Exchange Board of India.

The company is in the business of exploration, development, production, distribution and sale of natural gas from coal seams, commonly known as CBM.

IPO details

Great Eastern Energy expects to enter the capital market with an initial public offering of up to 9.13 crore equity shares of Re one each for cash.

The price would be determined through a 100 per cent book building process.

The issue would constitute approximately 15.45 per cent of the fully diluted post-issue paid-up capital of the company.

The equity shares are proposed to be listed on both the Bombay and National stock exchanges.

The company’s Global Depository Receipts are listed on the Alternative Investment Market of the London Stock Exchange.

The company currently produces CBM from its block, which spans an aggregate area of 210 square kilometres.

The block situated in Raniganj, West Bengal, has an estimated 1.92 trillion cubic feet of gas-in-place (according to a report issued by Netherland, Sewell & Associates, Inc., on June 1, 2007).

The book running lead managers to the issue are Enam Securities, ABN AMRO Asia Equities (India) Ltd and SBI Capital Markets Ltd, reports The Hindu Business Line.

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