Bharat Petroleum Corporation has given in-principal approval to the listing of Maharashtra Natural Gas through an initial public offering worth Rs 1000 crore.
“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 Rs 1000 crore. In this respect, BPCL Board has given in-principle approval for the IPO, subject to regulatory and other approvals,” said the company in an exchange filing.
Shares of BPCL were up 2% to an intra-day high of Rs 290.50. The stock is 23% down from its 52-week high of Rs 376, which it touched on September 30, 2024, while it is 29% up from its 52-week low of Rs 222.55.
MNGL is a city gas distribution entity. It is a joint venture of two Maharatna PSUs, GAIL (India) and BPCL with equity participation from the Government of Maharashtra through MIDC and IGL. The company has 246 CNG stations as of FY24.
In FY 2023-2024, the Pune-based city gas distributor reported a total revenue of Rs 3,001.88 crore. MNGL’s EBITDA grew 41% on year to Rs 961.53 crore, owing to its improved gas sourcing portfolio, along with the bolstered operational efficiency. It posted a net profit growth of 45% on year standing at Rs 610.12 crore. This further translated to a PAT margin of 20% and an earnings per share (EPS) of Rs 61.01.
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