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The IPO, reportedly valued at over ₹1,000 crore, is subject to regulatory and other necessary approvals.
“We would however like to mention that there has been a news report that Maharashtra Natural Gas Limited (MNGL), a joint venture of BPCL, GAIL, and IGL is preparing to list through an Initial Public Offering (IPO) of over ₹1000 crore. In this respect, BPCL Board has given in-principle approval for the IPO, subject to regulatory and other approvals,” BPCL said in a regulatory filing.
Also Read: Bharat Petroluem picks Andhra Pradesh for India’s last greenfield refinery project
MNGL is a city gas distribution entity and is authorised by the Petroleum and Natural Gas Regulatory Board (PNGRB) to lay, build, operate, and expand city gas distribution projects in several key areas. These include Pune and Pimpri-Chinchwad city, along with adjoining areas such as Hinjewadi, Chakan, and Talegaon in Maharashtra.
Additionally, MNGL operates in Valsad (excluding already authorised areas), Dhule, Nashik District, Sindhudurg District, Buldana, Nanded, and Parbhani Districts in Maharashtra. Its operations also extend to Ramanagara District in Karnataka and Nizamabad, Adilabad, Nirmal, Mancherial, Kumuram Bheem Asifabad, and Kamareddy Districts in Telangana.
Shares of Bharat Petroleum Corporation Ltd ended at ₹285.40, down by ₹10.95, or 3.69% on the BSE.
Also Read: BPCL Q2 Results: Net profit a miss; share price falls 5%
