State-owned GAIL (India) Ltd has given in-principle board approval to list its wholly owned subsidiary, GAIL Gas Ltd, on Indian stock exchanges through an initial public offering (IPO). The proposed offering could involve dilution of up to 25% of GAIL’s stake in the subsidiary. The final valuation, price band, IPO structure and extent of stake dilution will be decided after recommendations from book-running lead managers and further board approval.
