Jindal Power IPO : Plans to raise Rs 10000 cr

by khalid on 11/12/2009 · 1 comment

JSPL

Jindal Steel and Power Limited (JSPL) plans to raise up to Rs 10000 crore through an initial public offer (IPO). This would be the second-biggest IPO in the history of corporate India. The first one was Anil Ambani’s Reliance Power, which had raised Rs 11800 crore in early 2008. As of now, ONGC’s public issue to divest government’s stake worth Rs 9500 crore in 2004 is the second biggest. The company will submit DRHP to market regulator SEBI later this month. Company Chairman Mr Navin Jindal is hoping to float the IPO in March 2010. The issue would be for a minimum of 10% equity.

Jindal Power has set up the country’s first mega power project, the 1000 MW O P Jindal Super Thermal Power Plant in Chhattisgarh. The company is now expanding the generating capacity by another 2400 MW.

The year 2009 has witnessed a spate of IPOs from power companies, including state-run NHPC, IndiaBulls Power, Adani Power and JSW Energy. While these IPOs were well-subscribed, they had a subdued listing and are trading below issue price.

JSPL share’s CMP is Rs 731.05 on 10th Dec 09.

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