Mumbai: Mahanagar Gas Ltd, the sole supplier of natural gas in Mumbai and its adjoining areas, plans to raise Rs.1,040 crore through an initial public offering (IPO). Mahanagar Gas reported revenue of Rs.2,135 crore in 2014-15, up from Rs.1,885 crore in the previous year. At present, GAIL (India) and BG Asia own 45% each in Mahanagar Gas, which was incorporated in 1995. Mahanagar Gas will offer shares at a price band of Rs380-421 during its initial share sale on 21-23 JuneMumbai-based Mahanagar Gas is a joint venture of GAIL (India) and BG Asia Pacific Holdings (now owned by Royal Dutch Shell). Mahanagar Gas sells CNG and PNG in Mumbai and its adjoining areas, including Raigad district in Maharashtra.

Source: Mint June 14, 2016 22:41 UTC