SEBI approves IPO of GVR Infra Projects and Mahanagar Gas

The Securities and Exchange Board of India has approved the proposed initial public offerings (IPOs) of Chennai-based construction company GVR Infra Projects Limited and of Mahanagar Gas Limited (MGL), a Mumbai-based city gas distribution company. While GVR Infra Projects filed its draft red herring prospectus (DRHP) in October 2015, MGL submitted its DRHP a month later. GVR’s IPO comprises a fresh issue of shares to raise up to Rs 4 billion (about $61 million) and an offer for sale of up to 4.3 million shares by investor IDFC Alternatives. The firm also intends to raise up to Rs 1.5 billion in a pre-IPO funding round. MGL is owned by GAIL (India) Limited and BG Asia Pacific Holdings Private Limited, an arm of the UK-based BG Group. The two partners will be selling 12.35 million shares each.

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