New Delhi: Shares of natural gas distribution company Mahanagar Gas Ltd (MGL) made an impressive debut on stock markets on Friday. They jumped over 30% to hit an intraday high of Rs 549.15 against its issue price of Rs 421.
In the morning trade, the share prices of the company opened at Rs 540. They were up 30% at Rs 547 on the BSE while the Sensex traded 0.67% higher at 27,181.93 points.
Established on in 1995, MGL is a joint venture between GAIL (India) Ltd and the BG Group, (UK). The government of Maharashtra holds a 10% stake in the company. Mahanagar Gas had mopped up Rs 1,040 crore through its initial public offer (IPO), which closed last week.
Its promoters GAIL and British Gas have offloaded 12.5% stake each in the company.