Abhijeet Power to file for $333 mn IPO by early
Nagpur-based Abhijeet Power is in advanced stages of seeking regulatory approval for an initial public offering of up to 15 billion rupees and expects to file papers by early February, a senior official told Reuters.
January 13, 2011 / 15:19 IST
Nagpur-based Abhijeet Power is in advanced stages of seeking regulatory approval for an initial public offering of up to 15 billion rupees and expects to file papers by early February, a senior official told Reuters.
"We are setting up a 1,080 MW (project) in Jharkhand and 1,320 MW (project) in Bihar, funds will be utilised for these two projects," Rajesh Tulsiani, chief financial officer, said over the telephone on Thursday, adding that it aims to raise between Rs 1200-1500 crore.The shares would list in the next financial year ending March 2012 and the timing would depend on market conditions, he added.The firm also aims to raise about Rs 500 crore through a pre-IPO placement to private equity players, Tulsiani said."We are putting out a provision of about Rs 500 crores (from) private equity...after the filing of DRHP we will be speaking to PE players," he added.Enam Securities, Bank of America-Merrill Lynch, IDFC Capital, UBS, Axis Bank and SBI Capital Markets are managers to the issue.By: Madhav Chanchani Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
