Jindal Power to float IPO to mop up Rs 7,200 cr for expansion
For an initial public offering of Rs 7,200 crore, Jindal Power (JPL) announced the filing of its draft red herring prospectus where it is the largest since the Rs 11,500-crore IPO of Reliance Power in January 2008.
However, JPL is mobilizing the funds for brownfield expansion at Raigarh in Chhattisgarh while JPL plans to more than double its production capacity to 2,400 MW with an investment of about Rs 13,410 crore.
The project is likely to be finished in 2012-2013 while the company has captive coal-mines and plants. Meanwhile, the shares of the company are proposed to be listed on both the BSE and NSE while of the Rs 18,407 crore raised through IPOs in 2009, 4 power sector issues contributed Rs 12,756 crore.
These include NHPC’s Rs 6,039-crore issue and JSW Energy’s Rs 2,700-crore issue.
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Category: IPO
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