GAIL (India) and Indraprastha Gas rose by 0.51% to 4.87% at 14:45 IST on BSE ahead of launch of Mahanagar Gas' initial public offer.
Indraprastha Gas (up 4.87%) and GAIL (India) (up 0.51%), edged higher.
Meanwhile, the S&P BSE Sensex was down 113.57 points, or 0.43% at 26,283.20.
Mahanagar Gas (MGL) is a natural gas distribution company. MGL is a joint venture between GAIL (India) and the BG Group (UK). MGL distributes natural gas (CNG & PNG) in Mumbai and its adjoining areas.
According to reports, MGL is planning to raise Rs 1200 crore via initial public offer (IPO). MGL and the merchant bankers are looking at a timeline of 20 - 22 June 2016 for the IPO.
GAIL and BG Group will reportedly sell 12.5% stake each in the proposed IPO of MGL to trim their stakes to 37.25% each from 49.75% each currently. The Maharashtra government holds the remaining 0.5%.
Shares of GAIL (India) and Indraprastha Gas rallied on anticipation of valuation that MGL is likely to get through the IPO.
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