Indiabulls Power IPO : got SEBI clearance
Indiabulls Power is a subsidiary of Indiabulls Realty and is expected to raise around Rs 2000 crore through IPO (initial public offering). The market regulator, SEBI (Securities & Exchange Board of India) has cleared the issue.
The company has filed its DRHP (draft red herring prospectus) with the market regulator SEBI on 15th July 2009. It is coming out with an IPO of 33.98 crore equity shares of Rs 10 each.
The proceeds of the issue will be used to part finance the construction and development of the 1320 MW Amravati Power Project Phase-I and 1335 MW Nashik Power Project. The Company has five thermal power projects under development, which will have a combined installed capacity of 6615 MW. Projects include -:
1 – Amravati Phase I Power Project
2 – Nashik Power Project
3 – Bhaiyathan Power Project
4 – Amravati Phase II Power Project
5 – Chhattisgarh Power Project
Apart from these projects, the Company is developing four medium sized hydro-power projects of 60 MW, 30 MW, 46 MW and 31 MW in Arunachal Pradesh.
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