Sabarmati Gas inks agreement for private placement of equity

Mumbai, India Private Placement

July 15 Sabarmati Gas Ltd, a joint venture of Bharat Petroleum and Gujarat State Petroleum Corporation, today said it has concluded a shareholders agreement with four firms for private placement of equity worth over Rs 79 crore.
The Gandhinagar-based company signed a shareholders and investment agreement with India Infrastructure Fund, IFCI Venture Capital Funds, UTI Asset Management Company and Indian Infrastructure Development Seed Asset (IIDSA) of Mauritius on July 1, a press release said.

The agreement was signed by the promoters–SGL, Bharat Petroleum, Gujarat State Petroleum Corp (GSPC) and its subsidiary Gujarat State Petronet (GSPL) and the four investors.

Put together, the four investors now hold 99,74,800 equity shares in the gas utility, accounting for 49.875 per cent

India Infrastructure Fund and IFCI each hold 16.62 per cent stake in Sabarmari Gas, while UTI AMC and IIDSA hold 8.3 per cent each, the release said.

SGL is involved in gas distribution projects, CNG retailing and gas supply to industrial houses.

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