Jindal Power plans to mop up Rs 7,200 crore via IPO

Written by Press Trust of India | New Delhi | Updated: Dec 30 2009, 05:38am hrs
Naveen Jindal-led Jindal Power on Tuesday said it has filed draft prospectus with market regulator Securities and Exchange Board of India (Sebi) to raise Rs 7,200 crore through its maiden public issue.

Jindal Power has filed a draft red herring Prospectus (DRHP) with Sebi, JPL said. Jindal Power, which has set up the country's first mega-power project, the 1,000-mw OP Jindal Super Thermal Power Plant at Raigarh in Chhattisgarh, is a subsidiary of Jindal Steel and Power Ltd (JSPL).

The company would utilise the issue proceeds to part finance the construction and development of various thermal power projects, besides for general corporate purpose.

The equity shares of the company are proposed to be listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).

JM Financial Consultants, Enam Securities, Goldman Sachs (India) Securities would be among the Book Running Lead Managers (BRLMs) to the issue. Earlier this month the board of JSPL had decided to go for Jindal Power's IPO for raising up to Rs 10,000 crore.

JSPL is part of the $12 billion (over Rs 60,000 crore) steel-to-energy conglomerate OP Jindal Group, led by Naveen Jindal, also a Congress leader and a member of Parliament.