GEECL Close to India Listing

London-listed coal bed methane (CBM) gas producer Great Eastern Energy Corp (GEECL) has convened a meeting of shareholders later this month to get their approval for a clutch of proposals required for India listing.

“We will file the draft red herring prospectus (DRHP) for the Indian IPO after getting our shareholders’ consent at a meeting scheduled for March 26,” Y.K. Modi told DNA Money.

Modi refused to disclose the exact timing of the filing of the DRHP, citing the sensitive nature of the information, as the company’s shares are already listed on the London Stock Exchange, DNS reported.

The IPO will help fund production ramp-up at its Ranigunj block in West Bengal, start work on its Mannargudi block in Tamil Nadu and pay off some debt, the newspaper said.

As of end-December, GEECL was producing 14.73 million metric standard cubic ft per day (mmscfd) of gas from its Raniganj block, its sole operating asset. It plans to ramp up production to about 21.7 mmscfd by end-June.