ACB India may raise Rs 1000cr through IPO, OFS this fiscal

Coal washeries operator ACB India is planning to raise up to Rs 1,000 crore through initial public issue and offer for sale (OFS) routes in this fiscal.
    
The company has filed the draft red herring prospectus with the Securities and Exchange Board of India (Sebi).

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Industry sources said ACB India is likely to raise Rs 575 crore through primary issue and sub shares and may also make an offer-for-sale for approximately 12.5 per cent of the existing capital of the company, industry sources said.
    
ACB India is expecting to mop up over Rs 1,000 crore through IPO, sources said.
    
ACB India may also commission two power projects of total 900 MW power generation capacity in Chhattisgarh by 2014, entailing total investment of about Rs 4,000 crore, they said.

The company has already pumped about Rs 1,100 crore in both the plants, they added.

The coal linkages to these power plants would be supplied by Coal India Ltd.

The company had forayed into power sector in 2007 with the commissioning of its first 30 MW power project in Chhattisgarh.

The company had clocked a turnover of Rs 1,350 crore and profit after tax of Rs 290 crore in FY2012. In the first half of the current fiscal its turnover was Rs 800 crore and PAT at Rs 195 crore.