Great Eastern Energy files IPO paper with Sebi

Great Eastern Energy Corp, a coal- bed methane explorer, has filed draft documents with market regulator Sebi for its public issue of up to 82 lakh equity shares.

As per draft red herring prospectus (DRHP) filed with the Securities and Exchange Board of India (Sebi), the company plans to come with a public issue of up to 82 lakh equity shares of face value of Rs 10 each.

The issue comprises of fresh issue to the public of 78 lakh shares and an offer for sale of up to 4 lakh shares (offer for sale) by YKM Holdings International, it added.

Earlier in December 2008 as well, the company had filed papers with Sebi to raise funds through initial public offer (IPO). The company was expecting to mop-up Rs 400 crore through the public issue.

Deutsche Bank Trust Company Americas has 61.99% stake in Great Eastern Energy Corp, while YKM Holdings Pvt Ltd and YKM Holdings International Ltd has 26.34% and 10.53% holding respectively in the company.

The London-listed company produce natural gas from coal seams, commonly known as coal bed methane (CBM), in India. It focuses on the exploration, development, production, distribution and sale of CBM.

The company plans to use proceed garnered from the fresh issue for drilling and completion of CBM wells in the Raniganj (South) block and for general corporate purposes.

For the fiscal year 2013,  the company had reported a profit after tax of Rs 35.84 crore and a revenues of Rs 160.66 crore.

ICICI Securities is the book-running lead managers for the IPO, while Karvy Computershare is registrar to the issue.