Great Eastern Energy files papers with SEBI

MUMBAI: Great Eastern Energy Corporation, with interests in exploration, development, production, distribution and sale of natural gas from coal seams, commonly known as CBM, has filed its draft red herring prospectus with the Securities and Exchange Board of India.

The company expects to enter the Indian capital market soon with an initial public offering of up to 91,280,501 equity shares of Re 1 each for cash at a price to be determined through a 100 per cent book-building process.

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

The shares are proposed to be listed on Bombay Stock Exchange and National Stock Exchange of India.

Great Eastern Energy Corporation produces CBM from its Block in Raniganj, West Bengal. The block spans an aggregate area of 210 square kilometers and has an estimated 1.92 tcf 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) and SBI Capital Markets.