FIIs reduce stake in Indraprastha Gas to 15.52% during March quarter

Foreign Institutional Investors (FIIs) have reduced their shareholding in Indraprastha Gas to 15.52% at the end of March 2014 quarter from 19.58% as on December 31, 2013. On the other hand, domestic institutional investors’ (DIIs) shareholding went up to 23.12% during Q4FY14from 18.74% as on December 31, 2013. Under DIIs, Insurance companies held maximum stake of 8.87%, followed by mutual funds / UTI (8.32% stake), Central Government / State Government (5% stake) and financial institutions / banks (0.93% stake). Meanwhile, promoter and promoter group shareholding was unchanged at 45% at the end of March 2014 quarter. Indraprastha Gas, incorporated in 1998, is engaged in distribution of Compressed Natural Gas (CNG) and Piped Natural Gas (PNG) in Delhi. In 1999 the company took over Delhi City Gas Distribution Project from GAIL (India). IGL laid the network for the distribution of natural gas in the National Capital of Delhi to consumers in the domestic, transport, and commercial sectors.