GEECL Files for Public Issue in India

Great Eastern Energy Corporation (GEECL) has filed draft red herring prospectus (DRHP) with the Indian capital market regulator SEBI for its public issue, according to website Moneycontrol.com.

The company is involved in exploration, development, production, distribution and sale of CBM in India.

It has a 100 percent participating interest in a license area, the Raniganj (South) block in West Bengal, for that it holds exploration, development and production (EDP) rights until 2036. 

Additionally, it also holds EDP rights in the Mannargudi block in Tamil Nadu until 2046. It has a 25 percent participating interest in the Raniganj (North) block along with ONGC, Moneycontrol said.

GEEC intends to deploy funds raised from the fresh issue for drilling & completion of CBM wells in the Raniganj (South) block and general corporate purposes.