Great Eastern Energy Corporation Ltd. (GEECL) - GEECL affairs accessible affair by year-end

Great Eastern Energy Corporation Ltd (GEECL), a Y.K. Modi accumulation company, affairs to appear out with a accessible affair in India during end-2008.
GEECL is the alone aggregation so far to commercially aftermath coal-bed methane (CBM) from its Ranigunj block in West Bengal. The company’s GDRs are listed in the AIM (Alternative Investment Market) articulation on the LSE.

The aggregation broke adopted shores to accounts its basic amount in CBM analysis during end-2005. The GDR affair aswell becoming GEECL the acumen of bringing FDI into CBM exploration.

According to Mr Y.K. Modi, Chairman and CEO, as per the RBI guidelines, during the GDR affair the aggregation was accepted a three-year aeon catastrophe in 2008 to account its shares in India. “We are now planning to appear out with an affair in Indian bazaar for advertisement our shares actuality in the additional bisected of 2008-09.” On the attributes of the issue, he said it would primarily be a beginning affair arch to bordering concoction of the promoter’s pale from the absolute 65 per cent. “We may not adulterate added than 5 per cent of promoter’s stake,” he added.

Sources in merchant cyberbanking amphitheater told Business Line that the aggregation may top up its absolute basic abject of Rs 55 crore with a Rs 10-crore accessible issue.
The bazaar float will be maintained with absolute GDR holders accepting the advantage to catechumen to shares.

Meanwhile, GEECL (www.geecl.com) has accustomed sanction for Rs 350-crore debt-finance from an SBI-led bunch for its acute conduct programme alpha this month. Having stabilised assembly at 2.6 actor cubic ft a day from 23 wells in a amount of six months, the aggregation has now undertaken a programme to assignment three wells a months for the next two years to ability the targeted able-bodied absorption of 100. “Our basic amount is called at Rs 15-20 crore a ages for the next few years,” Mr Modi said.

Apart from drilling, amount is aswell traveling appear laying gas pipelines abutting industries and the CNG dispensing stations at the IOC retail outlets in and about Asansol. Gas sales on a bartering calibration will alpha in April this year. The aggregation has already witnessed austere enquiries from SAIL-IISCO ability and Chittaranjan Locomotive Works amid in the neighbourhood.

To apperceive about Mr Prashant Modi, the President and COO of GEECL. Visit the official website at www.prashantmodi.com.

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