Indiabulls Power fixes IPO price band at Rs 40-45 per share
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Last Updated: Wednesday, October 07, 2009, 18:19
New Delhi: Indiabulls Power has fixed a price band of Rs 40-45 per share for its proposed initial public offering through which the company aims to mop up more than Rs 1,700 crore from the market.

The price band of the proposed IPO has been fixed between Rs 40-45 per share, the company, the power arm of Indiabulls Real Estate said.

The IPO would open for subscription on October 12 and close on October 15.

At the upper end on the price band, the company, would mop-up over Rs 1,700 crore and on the lower end it would raise more than Rs 1,500 crore through this IPO.

The total IPO size of the company along with the green shoe option stands at 39.07 crore shares. Of this the IPO would be of 33.98 crore equity shares of Rs 10 each and a green shoe option of up to 5.09 crore equity shares.

Morgan Stanley India Company Private Limited is the Book Running Lead Manager to the issue.

The proceeds of the IPO would be utilised to part finance the construction and development of the 1,320 MW Amravati Power Project Phase-I, to part finance the construction and development of the 1,335 MW Nashik Power Project, apart from general corporate purposes, the company said.

The company has five coal-fired thermal Power Projects -- Amravati Phase I and ll, Nashik, Bhaiyathan and Chattisgarh under various stages of development.

The combined installed capacity of the five projects stands at around 6,615 MW and entails a total capital outlay of over Rs 31,000 crores.

Indiabulls Power's shareholders include foreign investors such as FIM Limited and LNM India Internet Ventures Limited.

Indiabulls Power had filed the draft prospectus with market regulator SEBI in July this year and on October 1, it filed the red herring prospectus with the Registrar of Companies in this regard.

Bureau Report

First Published: Wednesday, October 07, 2009, 18:19

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