Indraprastha Gas Ltd, the sole supplier of compressed natural gas in Delhi, on Friday declared open the sale of its 4 crore (40 million) equity shares under an initial public offer.

"The shares have been listed on the Bombay Stock Exchange and National Stock Exchange and the offer closes on December 15," IGL general manager (finance) Jitendra Mohanney told reporters in Ahmedabad.

The price is Rs 40-48 per equity share; based on that the size of the IPO will be in the range of Rs 160 crore (Rs 1.60 billion) to Rs 192crore (Rs 1.92 billion).

The offer, which constitutes 28.57 per cent of IGL's paid-up capital, also includes a reservation of upto 300,000 for its 200 permanent employees, Mohanney said. 

Financial institutions -- IL & FS Trust, Infrastructure Development Finance Company Ltd and UTI -- are offloading 28.6 per cent of their equity shares and would retain their aggregate shareholding of 21.4 per cent, after the IPO.

IGL is a joint venture of Gail and Bharat Petroleum Corporation Ltd - both holding 22.5 per cent stake each. The Delhi government has five per cent stake.