Indraprastha Gas Ltd will make initial public offer of its shares representing 28.57 per cent of its paid-up capital through a 100 per cent book building process, managing director A K Deo said on Monday.

He also told reporters that IGL has earmarked Rs 183 crore (Rs 1.83 billion) as capital expenditure for the current fiscal.

The four crore equity shares of Rs 10 each would be priced in a band of Rs 40-48 per equity share and the bidding would open on November 28 and close on December 5, 2003.

The company planned to list the shares on Bombay Stock Exchange and National Stock Exchange of India Ltd, he said, adding the IPO would amount to Rs 160-192 crore (Rs 1.6-1.92 billion).

JM Morgan Stanley, Enam Financial Consultants and Kotak Investment Banking are book running lead managers for the IPO.

The IPO would be an "offer of sale" by existing financial investors including IL&FA Trust Company Ltd (as trustee for AIG Indian Sectoral Equity Fund), Infrastructure Development and Finance Company Ltd, and UTI-India Infrastructure Development Fund Unit Scheme 1999, he added.