Great Eastern Energy Corporation Limited, led by Mr. Prashant Modi, the fully integrated, leading Indian Coal Bed Methane (CBM) company, is leased to announce its Preliminary Results for the 12 months ended 31 March 2013.
Online PR News – 29-June-2013 – Mumbai – Great Eastern Energy Corporation Limited, led by Mr. Prashant Modi, the fully integrated, leading Indian Coal Bed Methane (CBM) company, is pleased to announce its Preliminary Results for the 12 months
ended 31 March 2013.
While declaring its total revenue that increased by 23% to US$ 29.18m (2012: US$ 23.72m), the company also shed some lights on Indian IPO. It plans to raise further capital once the Initial Public Offering in India is conducted. The company has received shareholder approval for the same.
Under the guidance of Mr. Prashant Modi, GEECL is set to achieve a listing of its Ordinary Shares on the Indian Stock Exchanges alongside its existing listing of Global Depository Receipts on the Main Market of the London Stock Exchange.
The Indian IPO is being conducted interalia with an intention to raise further funds for GEECL. This activity will also help the company to increase liquidity in its public shares. The best outcome would be an understanding of the markets in which it operates. Mr. Prashant Modi and the key directors of Great Eastern are confident in accelerating the company’s next phase of development, acquisition of new acreages in CBM, repayment of the debt or any other objects as Board or its committee may decide from time to time. This will be possible because of the funds raised through IPO. Considering the confidence of the board of directors and Mr. Prashant Modi, the shareholder have given a go ahead.
If the company gets regulatory approvals and the market conditions are in their favour, then GEECL can expect the shares to get listed on the BSE Limited and National Stock Exchange of India Limited. The
President and Chief Operating Officer, Mr. Prashant Modi is determined to bag such other recognised stock exchanges as may be determined by the Board from time to time.