GEECL is looking to bid for the fourth round of Coal Bed Methane block auction. It plans to dilute 10 percent of its equity holding through an IPO in India. It plans to raise Rs 400 crore from the market by this year. It plans to develop 100 wells in two years with an estimated investment of Rs 825 crore and aim to invest another Rs 2,000 crore in 5 to 8 years in West Bengal.
International oil prices retreated from an over seven-year high but was still above $100 a barrel and continue to pose threat to India's inflation rate and current account deficit. While there are no supply concerns as the oil route remained open, consumers will feel the pinch when PSU oil firms start passing on the increase in international rates through a revision in petrol and diesel prices, which have been on a pause for over three-and-a-half-months in view of elections in Uttar Pradesh and four other states. The government is "closely monitoring the situation" and will "take appropriate steps as and when required", a top official said. Brent crude oil surged past $105 per barrel on Thursday for the first time since August 2014, following Russia's invasion of Ukraine.
GEECL plans to dilute 10 per cent equity through the public issue. The London-listed company has filed a Draft Red Herring Prospectus with market regulator Securities and Exchange Board of India and is in the final stages of getting necessary approvals.
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