INDIA Great Eastern Energy Corporation, a producer of coal bed methane in India, is planning an initial public offering in the subcontinent, which has the fourth largest proved reserves of coal in the world.
GEEC, which is listed on London’s Aim, has a market capitalisation of £296.8m ($554m). It said on Monday it planned to offer 92.7m shares in the Indian IPO to raise funds to accelerate the next phase of its drilling and well development, and acquisition of further acreages in coal bed methane as global demand for alternatives to oil was surging.
