Maharashtra earns Rs 520 crore as Mahanagar Gas IPO makes stellar debut on BSE, NSE

Mahanagar Gas IPO made a stellar listing on the BSE and NSE on July 1. The stock, which listed at Rs 540, a premium of 28.26% on the BSE, closed the day with a gain of 23.49% at Rs 519.90, a PTI report said.

On the NSE, it closed up 23.58% higher at Rs 520 crore. 

Mahanagar Gas Ltd is a joint venture between Gas Authority of India (GAIL), British Gas Ltd (BGL), and the Maharashtra government.

The state government holds 10% shares in the company, at Rs 10 crore. After the listing, the value of its holding went up to 530 crore, making a gain of Rs 520 crore. 

Mahanagar Gas supplied CNG to 4.20 lakh vehicles, the PTI report said. 

Post listing, the company will expand its operations to urban areas adjoining Raigad, Navi Mumbai and Thane.