Mahanagar Gas plans Rs 1,000 crore IPO next year: Sources

ET NOW: Mumbai’s natural gas supplier, Mahanagar Gas is planning an initial public offer ( IPO) worth around Rs 1000 crores, sources with direct knowledge said. Company expects a valuation of over Rs 6000 crores and is in talks with banks for giving a mandate for the public offer.

GAIL and British Gas own 49.75% each in Mahanagar Gas and the rest is held by the Maharashtra government. GAIL and British Gas will sell shares by way of the public offer and monetize their investments.

Mahanagar Gas has, in the past, shelved their IPO plans. The company did not offer any comment on the development.