Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Money / Indiabulls Power IPO to open 12 Oct
BackBack

Indiabulls Power IPO to open 12 Oct

Indiabulls Power IPO to open 12 Oct

Premium

Mumbai: Indiabulls Power Ltd, a unit of Indiabulls Real Estate, plans to open its initial public offering (IPO) from 12 to 15 October, a company official said on Monday.

A senior group official had told Reuters in June the firm was targeting raising Rs15 billion ($315 million) in equity, and markets have strengthened since then.

According to its draft prospectus released in July, the company plans to issue a maximum of 390.7 million equity shares, including a greenshoe option, constituting 19% of its post-issue equity.

Indiabulls Power is currently developing three power plants in western and central India with total capacity of 6,600 megawatts and will use the issue proceeds to fund two of these, said the company official, who has knowledge of the plans but declined to be named.

Indiabulls Real Estate currently holds 71.4% in the company. UK-based billionaire LN Mittal’s LNM India Internet Ventures holds a 10.7% stake, while private equity firm FIM Ltd holds the remaining 17.9%.

In the past two months, state-run utility NHPC has raised $1.25 billion and private utility Adani Power raised $630 million through IPOs.

Indian firms have raised about $15 billion through share sales in the past six months, encouraged by a share market that has risen 75% so far in 2009. India’s benchmark index hit a 16-month high last week.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 05 Oct 2009, 02:49 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App