GAIL road show kicks off at last

Vol 3, PW 20 (27 Oct 99) News in Brief

The Gas Authority of India (GAIL) has begun marketing the sale of Global Depository Receipts (GDR) to international investors in Europe, the US and Asia.

A GAIL road show led by Chairman CR Prasad is presently in Abu Dhabi and will reach London on Thursday (4th November) to finalise the GDRs listing on the London Stock Exchange. GAIL said each GDR would be worth six equity shares of the company.

The price of the GDR will be finalised by joint global coordinators Jardine Fleming and Morgan Stanley Dean Witter through the Book Building method. The GDRs will not be sold in India.

A GAIL statement adds: "GAIL is a natural gas transmission company owning and operating a network of over 4,000 km of pipeline, including a 2,702 km long Hazira-Bijaipur-Jagdishpur (HBJ) pipeline which transports 61m cubic metres a day (cm/d) of natural gas, representing 95% of total gas transmitted in India".