International Finance Corporation has
given a corporate loan of Rs.337.5 crore to Gujarat State Petronet for the
extension of pipeline network to Mundra and Pipavav from Jamnagar.
IFC has also made an equity investment
of around $30 million (around Rs.123 crore) for the project. GSPL will issue
2,20,00,000 equity shares to IFC on a preferential basis, at a price of Rs.57.29
per equity share. On 23 August 2007, the company has signed share subscription
and shareholders agreement with IFC subsequent to the board approval.
GSPL has so far invested Rs.2,000
crore in laying 1,100 km pipeline and plans to construct another 800 km
pipeline. The proposed project will require and investment of Rs.1,500 crore.
Also See:
GSPL likely to
borrow Rs.300 crore from IFC (25-Apr-07)