Kolkata: Gujarat State Petroleum Corporation has decided to float Rs 4,000-6,000 crore IPO before Diwali. The company has also short-listed a few merchant bankers comprising SBI Caps and JM Financial for managing the issue. The GSPC Group flagship was mulling to hit the capital market by mid-2008. The plan was, however, postponed in view of the recent market uncertainties. Financial institutions had suggested the Gujarat State E&P company to review the market condition during mid-2008 and decide accordingly. The public offer may part-finance the proposed development of GSPC''s Deendayal gas field in KG Basin. GSPC are extremely hopeful that the management committee will declare the commerciality of the find shortly.
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