Indiabulls Power gets anchor investors for IPO

Indiabulls Power gets anchor investors for IPO

Mumbai: Indiabulls Power Ltd, whose 390.7 million share initial public offering opens on Monday, will issue shares to 5 anchor investors, two sources with direct knowledge of the deal said.

Halbis, Nomura Holdings, Norges, CLG and Tosca will subscribe to 18% of the issue at the top end of the Rs40 to 45 price band, the sources said.

Morgan Stanley India is the lead manager to the issue, which closes 15 October.

Indiabulls Power, a unit of Mumbai-based developer Indiabulls Real Estate, is developing five thermal power plants in western and central India, with total capacity of 6,600 megawatts, and will use the issue proceeds to fund two projects.

It expects equity investment of about Rs4,000 crore for the 1,320 megawatts Amravati Phase I project and 1,335 MW Nashik project, of which it holds liquid funds of Rs2,000 crore.