Indus Gas chief exec raises nearly £126m

The chief executive of one of the largest companies on AIM has raised nearly £126m from a share sale.

Not much more than 10% of the companies on AIM are valued at more than the amount raised by Indus Gas chief executive Ajay Kalsi. He sold 19.35m shares at 650p each. Indus joined AIM in June 2008 at 164p a share.

Kalsi raised a total of £125.8m from his sale of shares in the India-focused oil and gas explorer and producer. Kalsi and his wife still own 69.15% of the Indus, which is worth £850m.

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Lloyds Banking increased its stake in Indus from less than 10% to 11.96%.

Indus generated its first revenue in the six months to September 2010. At $215,000 it is still modest. The first gas production is being sold to the Ramgarth Power Plant. A second well should be going into production soon.

Indus has gross proven plus probable reserves of 307 bcf.

Top Director Buys

Witan Inv Trust (WTAN) Director name: Mr Andrew L C BellAmount purchased: 10,000 @ 507.50p Value: £50,750

API Group (API) Director name: Mr Andrew TurnerAmount purchased: 310,000 @ 16.00p Value: £49,600

JPMorgan Japan Smaller Companies Trust (JPS) Director name: Mr Chris RusselAmount purchased: 25,000 @ 155.50p Value: £38,875

Servoca (SVCA) Director name: Mr Andrew ChurchAmount purchased: 300,000 @ 7.00p Value: £21,000

Top Director Sells

Indus Gas Ltd. (INDI) Director name: Mr Ajay KalsiAmount sold: 19,351,716 @ 650.00p Value: £125,786,154

Petropavlovsk (POG) Director name: Mr Peter HambroAmount sold: 2,063,210 @ 1,068.00p Value: £22,035,083

Polar Capital Holdings (POLR) Director name: Mr B J D Ashford-RussellAmount sold: 1,300,000 @ 139.00p Value: £1,807,000

Quintain Estates & Development (QED) Director name: Mr Adrian WyattAmount sold: 141,250 @ 39.83p Value: £56,260