BPCL Greenlights ₹1,000 Crore IPO for Maharashtra Natural Gas

BPCL has issued an in-principle approval for the Initial Public Offering of MNGL, which is over ₹1,000 crore. This joint venture for the city gas distribution project in Maharashtra between GAIL and Indraprastha Gas Ltd plans to expand the operations in the state. The offer involves both an offer for sale and a fresh issue of shares, which will await necessary regulatory approvals. MNGL is currently operational in several key areas, such as the Pune and surrounding regions. The company has filed impressive revenue growth in recent years.

Source: moneycontrol