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Will need to raise funds for ongoing project: Madhucon
In an interview with CNBC-TV18, S Vaikuntanathan, director (finance) of Madhucon Projects, spoke about the latest happenings in his company and the road ahead.
In an interview with CNBC-TV18, S Vaikuntanathan, director (finance) of Madhucon Projects , spoke about the latest happenings in his company and the road ahead.
Below is a verbatim transcript of the interview on CNBC-TV18. Also, watch the accompanying video.
Q: Can you update us with your 1,920 megawatts (MW) power plant? How are you planning to fund the third phase? There were some reports doing the round that you are looking for a dilution of about 15-20% stake to PE players?
A: The power plant is in three phases. We have already started the construction for the first and second phase. The equity has also been tied up. For the third phase, we have just got the clearance. Going forward, we will work out the ways to raise the funds. One of the options is also to raise the PE at the power holding level.
Q: Can you also update us on a possible IPO of Madhucon Infra?
A: For Madhucon Infra, we will be preparing all the data for the DRHP. At the time of filing the DRHP, we will also think about the market position. We will look at how the market is - whether it is better to come out with the issue immediately or to should we go with the PE. Those exercises also we will be undertaking.
Q: How much is your fund requirement and how much will you be looking to dilute via the IPO?
A: In the next one-and-a-half years, we have a requirement of something like Rs 1,100 crore.
