Published on Tue, Nov 10, 2009 at 10:18 | Source : CNBC-TV18
Updated at Tue, Nov 10, 2009 at 18:24
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JSW Energy receives SEBI nod for IPO: Sources
JSW Energy, a part of Jindal South West (JSW) group headed by Sajjan Jindal, has received SEBI (Securities & Exchange Board of India) nod for IPO (initial public offering), sources told CNBC-TV18.
JSW Energy, a part of Jindal South West (JSW) group headed by Sajjan Jindal, has received SEBI (Securities & Exchange Board of India) nod for IPO (initial public offering), sources told CNBC-TV18.
JSW Energy's IPO is likely in last week of November or early December, 2009. The company is looking to raise a minimum of Rs 2,600 crore from the issue.
IPO proceeds will be used for repayment of debt and equity financing of power projects. It is planning 6 power projects aggregating to 2790 MW.
While talking to CNBC-TV18's reporter in September, Sajjan Jindal said the energy IPO was to finance the company's plans to install 12,000 MW of power over the next five years. He said, "Our eleventh five year plan is not exactly in tandem with the government's plan. We're looking at 2 areas - energy and steel and plan to expand from 7.8 giga watts to 11.5 giga watts for energy.
Total promoters' holding stands at 64.52%; Sajjan Jindal owns 5.46% stake; JSW Investments owns 39.24% and Sun Investments owns 19.82% stake.
JSW Energy has been in power generation from 2000. Its 560 MW plant in Karnataka is already operational while 3090 MW projects were under construction. The company has definative offtake for 1986 MW. Over and above that it has four projects of 7740 MW in hand to be completed between August 2014-2015.
