New Delhi: The country's largest Liquefied Natural Gas importer, Petronet LNG Ltd, may come out with a USD 100 million follow-up public offer or a rights issue in 2011-12 to part fund a 1,200-MW power plant, to be set up at Dahej in Gujarat.
Petronet LNG CEO and MD P Dasgupta said that the company
may look at raising USD 100 million (about Rs 480 crore)
through FPO or rights issue.
The 1,200-MW power plant will cost Rs 3,500 crore, 30 percent of which will be through equity contribution and internal accruals. The remaining 70 percent would be debt, he said.
Dasgupta said the power plant which will use the imported liquefied natural gas (LNG) as fuel, will be built in 33 months from the date of award of contract that may happen in the second quarter of 2010.
The 70 percent of the power generated at the plant will be sold to states like Kerala, Andhra Pradesh, Karnataka and Tamil Nadu.
Follow-up public offer (FPO) is a stake sale process for
a listed company, while a rights issue is a way of raising
money by issuing shares to a company's promoters or existing
shareholders.
Bureau Report
First Published: Thursday, August 27, 2009, 13:32