Indiabulls Power IPO opens on Oct 12

By ENN,
Ahmedabad: With five power projects worth over Rs 31,000 crore hand, Indiabulls Power Limited will enter the capital market on October 12, 2009 with its IPO of 390, 700,000 equity shares, including a green shoe option of retaining 50,900,000 equity shares.

The price band has been fixed at Rs. 40-Rs. 45 per Equity Share. The minimum Bid Lot will be 150 Equity Shares.

The Issue will close on October 15, 2009. Morgan Stanley India Company Private Limited is the Book Running Lead Manager to the issue. The company's current five coal-fired thermal Power Projects under various stages of development - Amravati Phase I & ll, Nashik, Bhaiyathan, and Chattisgarh - have a proposed combined installed capacity of 6,615 MW and entail a total capital outlay of over Rs 31,000 crores.

Indiabulls Power intends to use the IPO proceeds to part finance the construction and development of the 1,320 MW Amravati Power Project Phase-I, fund equity contribution in the Company's wholly owned subsidiary, IRL to part finance the construction and development of the 1,335 MW Nashik Power Project, apart from general corporate purposes.

The Company is a subsidiary of IBREL and a part of the Indiabulls Group.

The Company has certain foreign investors such as FIM Limited and LNM India Internet Ventures Limited as its shareholders.