Gujarat State Petroleum Corporation (GSPC) plans to open an initial public offering (IPO) to raise around Rs 5,000 crore, mainly for the development of its Krishna-Godavari Basin assets and global business activities.
GSPC expects the Directorate-General of Hydrocarbons (DGH) to approve its field development plan by October 2009, after which it plans to submit the Draft Red Herring Prospectus and start other due procedures for the IPO.
According to the company, the gas field holds at least 1.4 trillion cubic ft (TCF) of in-place reserves and a maximum of 5.6 TCF reserves.
Source : ProjectsToday
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