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An oil and gas exploration and development company is to expand its interests in India after raising £25 million on AIM.

Indus Gas has been valued at £300 million following the IPO, which was managed by nominated adviser Arden Partners.

The Guernsey-registered company received £23.4 million after expenses by issuing more than 15.2 million ordinary shares at 164p each.

The company owns a 90 per cent participating interest in a petroleum concession in Rajasthan, India, where two discoveries have been made.

Indus will use the proceeds to further appraise and develop these discoveries, install gas processing technology and fund further exploration.

Non-executive chairman Marc Holtzman said the placing is a significant step in the company’s development. “Indus has already made significant progress with one commercial gas discovery and a second discovery that will be tested later this year. Gas production is expected to start next year and a term sheet for sale of up to 33 million cubic feet of gas is already in place.

“The placing was extremely well supported by UK institutions and we are pleased to be able to welcome a range of new and well-regarded shareholders,” he added.

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