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Coal bed methane gas producer Great Eastern Energy Corporation Ltd (GEECL) has received final observations from SEBI for its draft offer document (IPO). It plans to list on the NSE and the BSE shortly, said a company statement.
The company's Global Depository Receipts are listed on the London Stock Exchange.
The issue comprises a fresh issue of 78 lakh shares and an offer-for-sale of four lakh shares by YKM Holdings, according to the draft red-herring prospectus filed on September 15, 2013.
The issue constitutes 26.94 per cent and 12.17 per cent of the fully diluted post-issue paid-up Indian equity share capital and fully diluted post-issue paid-up equity share capital of the company, respectively.
GEECL reported a profit after tax of Rs. 35.85 crore on total revenues of Rs. 160.66 crore for FY13 as against a loss of Rs. 5.6 crore on revenues of Rs. 116 crore in FY12.
GEECL is in the business of exploration, development, production, distribution and sale of coal bed methane gas.
It has a 100 per cent participating interest at Raniganj (South) block in West Bengal until 2036.
It also holds Mannargudi block in Tamil Nadu until 2046, and has recently been awarded a 2 per cent participating interest in the Raniganj (North) block along with ONGC. The company plans to deploy the issue proceeds towards funding the drilling and completion of wells.
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