GEECL Moves Towards India Listing

Great Eastern Energy Corp (GEECL), India focused coal bed methane player, has been given a go ahead by country’s capital market regulator, Securities and Exchange Board of India (SEBI), to raise funds through an initial public offer (IPO).

In September last year, the company had filed draft red herring prospectus (DRHP) with the Indian capital market regulator SEBI for its public issue.

GEECL in a filing to London Stock Exchange said it is “pleased to announce that in relation to the DRHP of the company, the SEBI has vide its letter dated March 5 has given its final observation on the DRHP filed with SEBI.”

“The company will endeavour to take all appropriate steps to list its shares on the Indian stock exchanges at the earliest, subject to receipt of requisite approvals, market conditions and other considerations,” the company added.

The company has a 100 percent participating interest in a license area, the Raniganj (South) block in West Bengal, for that it holds exploration, development and production (EDP) rights until 2036.

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