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Great Eastern Energy plans IPO in India

Mon Aug 18, 2008 3:40am EDT

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Aug 18 (Reuters) -India-focused, AIM-listed gas producer Great Eastern Energy Corp (GEECq.L) (GEEC) said it is planning an initial public offering (IPO) of its shares in India.

GEEC said it will offer 92.7 million shares in the Indian IPO with a greenshoe option of up to 15 percent of the total issue.

The company said it will issue 46.4 million new shares, representing 7.84 percent of its total equity, as part of the issue and also sell a similar amount of its existing shares at a price to be determined later.

GEEC said it would use the funds raised from the IPO to accelerate its next phase of drilling and well development, acquire more coal bed methane acreages and for repayment of debt. (Reporting by Man Ranjith Ullattil in Bangalore; Editing by Louise Ireland)



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