GAIL (India) Limited

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In November 1999, Government of India (GoI) sold 22.5 million global depositary receipts (GDRs) of GAIL (India) Limited, the national gas transmission company, on the London Stock Exchange. As of December 2007, GAIL owned and operated over 6196 km of gas transmission networks and 1900 km liquified petroleum gas pipeline. The other activities of the company range from Gas marketing and distribution through trunk and regional systems, to retailing of Natural Gas to Gas processing for production and marketing of LPG, liquid hydrocarbons and Petrochemicals. GAIL was established in 1984 and was 100% owned by the GoI. The November 1999 GDR sale was priced at US$9.67 each. Each GDR share represented six ordinary shares and the total offering was equivalent to US$ 130 million underlying shares or 22% of the total share. Following the sale, the government's stake has fallen from 82% to about 60%. In February 2004, GoI sold an additional 10% (84.56 milllion shares) stake in GAIL through a public offering for US$ 353 million. As of December 2007, GoI held 57.4 % stake in GAIL. www.gailonline.com None