Abhijeet Power to file for $333 mn IPO by early-Feb

Nagpur-based Abhijeet Power is in advanced stages of seeking regulatory approval for an initial public offering of up to Rs 1500 crore 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 crore to Rs 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 crore (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.