The wind energy major Indowind Energy Ltd has planned to raise Rs 81 crore through an initial public offer (IPO) later this month for its expanding business, including setting up a new wind farm project in Karnataka.
The Chennai-based company will offer 1.25 crore equity shares within a price band of Rs 55-65 per share. It will raise Rs 68.75 crore at the lower end and Rs 81.25 crore at the higher end. The IPO will open from August 21 to 24.
Indowind Energy chairman KV Bala on Friday said, ?The money raised through this IPO will be invested in a plant at Chitradurga in Karnataka. The 9 MW wind farm plant will cost Rs 49.5 crore plant. The company has acquired 125.23 acres land for this purpose.?
On company’s expansion programme he said, ?Now we are restricted to only Tamil Nadu and Karnataka because of limited funds. But with time, we will move to other states like Rajasthan as well.? It sells ready-to-buy wind farm projects as well as electricity to corporates and the state government concerned.