Future Ventures India stock opened at Rs9 apiece, down 10% from the issue price in morning trade on the NSE
Future Ventures India, a part of the Future Group, made a weak opening on the bourses today and fell by 10% on the National Stock Exchange (NSE) vis-a-vis the issue price of Rs10 per share.
The stock opened at Rs9 apiece, down 10% from the issue price in morning trade on the NSE. Later, the scrip was trading lower by 13.50% at Rs8.65 apiece.
In a similar fashion, the stock debuted at Rs9.50, down 5% from the issue price, on the Bombay Stock Exchange.
The company had entered the capital market with a price band of Rs10-Rs11 per share through a Rs750 crore public issue.
It plans to utilise the IPO’s proceeds to fuel acquisition plans in the FMCG, food and fashion segments.
According to DGH director general SK Srivastava, Several basins in India are known to hold shale gas resources. Primarily, the focus is on three basins—Cambay (in Gujarat), Assam-Arakan (in the North-East) and Gondwana (in central India)
New Delhi: India will soon launch its first-ever bid round for exploration of shale gas, oil regulator Directorate General of Hydrocarbons (DGH) director general SK Srivastava said today, reports PTI.
“As per the available data and studies undertaken, India has huge shale gas potential. Six basins, namely Cambay, Assam-Arakan, Gondwana, KG onshore, Cauvery onshore and Indo Gangetic basins, have been identified,” he said while addressing the 14th Energy Summit organised by Assocham here today.
The offering of shale gas areas would, however, be “subject to certain legislation changes,” he added.
India has so far only explored and produced conventional oil and gas as well as unconventional sources like coal bed methane (CBM).
Shale gas—gas trapped in sedimentary rocks below the earth’s surface—is the new focus area in the US, Canada and China as an alternative to conventional oil and gas for meeting growing energy needs.
These unconventional deposits have raised estimates for US gas reserves from 30 years to 100 years at current usage rates. Shale gas deposits were not considered worth tapping before Houston billionaire George P Mitchell pioneered new extraction techniques in the 1990s.
India aims to put in place a policy framework for exploitation of shale gas in a year’s time.
Several basins in India are known to hold shale gas resources. Primarily, the focus is on three basins—Cambay (in Gujarat), Assam-Arakan (in the North-East) and Gondwana (in central India).
India has signed a co-operation agreement with the US Geological Survey for knowledge-sharing in the area of shale gas.
“This (shale gas) will add up additional resources in our hydrocarbon resource base,” Mr Srivastava said. “The government is formulating a policy for offering the areas for shale gas exploration in the near future,” he added.
On CBM, he said so far 33 blocks have been given out to companies for extracting gas from below coal seams. “CBM reserves to the tune of about 9 trillion cubic feet have been established in these blocks, having the potential to produce more than 5 million metric standard cubic metres per day (mmscmd).”