GAIL to dilute up to 25% stake in GAIL Gas as board approves IPO

GAIL's board has granted in-principle approval to list its wholly owned subsidiary, GAIL Gas, through an IPO. The company aims to dilute a 25% stake in the subsidiary, GAIL announced on Friday. The final dilution, IPO structure, valuation, price band and other terms will be decided after GAIL Gas submits a proposal based on the Book Running Lead Managers' recommendations.