The initial public offering (IPO), earmarked for the end of November, will be for IGL's IL&FS Trust Company, Infrastructure Development Company Ltd (IDFC) and the Unit Trust of India.
The equity in IGL comes not from the company itself but from the banks and other financial institutions which are on IGL's shareholder registry. Reports describe the float as a strategy to return capital to the shareholders.
Lead managers for the IPO are reported to be JM Morgan Stanley, Enam Financial Consultants and Kotak Mahindra Capital Company.
