BPCL, GAIL, and IGL shares rose over 2.5% amid getting approval for MNGL’s IPO

Shares of Bharat Petroleum Corporation Limited (BPCL), GAIL, and Indraprastha Gas Limited (IGL) increased by up to 2.5% on Tuesday, January 7. This rise followed BPCL's board giving in-principle approval for the initial public offering (IPO) of Maharashtra Natural Gas Limited (MNGL), a joint venture involving BPCL, GAIL, and IGL.

BPCL's shares climbed nearly 2% to Rs 290.50 each on the NSE, while GAIL's shares increased by 2.5% to Rs 189.28. According to a company filing, the IPO is expected to exceed Rs 1,000 crore.

BPCL stated in a regulatory announcement, "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 1,000 crore. In this regard, the BPCL Board has granted in-principle approval for the IPO, pending regulatory and other necessary approvals."

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IGL has a 50% stake, while BPCL and GAIL hold a 22.5% stake each in the JV MNGL. The Maharashtra Industrial Development Corporation, or MIDC, also has a 5% stake in the company. Over the past 12 months, shares of BPCL have gained 25%.

MNGL is a city gas distribution firm. It has received approval from the Petroleum and Natural Gas Regulatory Board (PNGRB) to lay, operate, and expand city gas distribution projects in Pune and Pimpri-Chinchwad, including the nearby areas of Hinjewadi, Chakan, and Talegaon.

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