State-owned Gujarat State Petroleum Corporation (GSPC) will be coming out with its initial public offer (IPO) very soon, Minister of state for Energy Saurabh Patel said in the state Assembly on Thursday.
Patel made the announcement while talking about the budgetary demand of the Energy department. The Minister said that process regarding the IPO was under way.
The Director General of Hydrocarbon (DGH) has certified two TCF (trillion cubic feet) gas reserves in GSPC’s Deendayal blocks in the KG basin.
Meanwhile, sources in the GSPC told media that the Red Herring Prospectus (RHP) for the GSPC IPO was likely to be filed with the market regulator SEBI in the next week.
Around Rs 3,500 crore is likely to be raised through IPO to fund development of its eastern offshore Krishna-Godavari basin gas finds, they added.