Jindal Power plans $2.1 bn IPO

Jindal Power plans $2.1 bn IPO

Mumbai: Jindal Power Ltd, a unit of Jindal Steel and Power Ltd, plans to raise as much as $2.1 billion (Rs9,807 crore) selling shares for the first time.

Jindal Power’s board decided on the share sale and will seek shareholder approval, the parent company said in a statement to the Bombay Stock Exchange on Thursday.

The utility may partly use the funds raised from the share sale, which is likely to be completed by 31 March, for a Rs13,400 crore plan to more than triple its generation capacity, Sushil Maroo, deputy managing director of Jindal Power, said in a 15 September interview.

Jindal Power plans to increase the capacity of its 1,000MW plant in central India to 3,400MW, enough to power 680,000 urban Indian homes, Maroo said.