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| Great Eastern Energy files draft prospectus |
| BS Reporter / Mumbai Dec 30, 2008, 00:07 IST |
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Great Eastern Energy Corporation (GEECL), a Y K Modi Group company, on Monday filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi).
The company expects to enter the Indian capital market soon with an Initial Public Offering (IPO) of up to 9.12 crore equity shares of Re 1 each. The issue would constitute approximately 15.45 per cent of the fully-diluted post-issue paid-up capital of the company.
GEECL is the only company so far to commercially produce coal-bed methane (CBM) from its Ranigunj block in West Bengal. The company’s global depository receipts (GDRs) are listed on the Alternative Investment Market (AIM) segment of the London Stock Exchange (LSE).
The company tapped foreign shores to finance its capital needs for CBM exploration during end-2005. The GDR issue also earned GEECL the distinction of bringing foreign direct investment (FDI) into CBM exploration.
GEECL is focused on the exploration, development, production, distribution and sale of natural gas from coal seams, commonly known as CBM.
According to a report issued by Netherland, Sewell & Associates Inc on June 1, 2007, GEECL’s Ranigunj block, which is spread over an area of 210 sq km, has an estimated 1.92 tcf of gas-in-place.
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