Indiabulls Power price band at Rs 40-45

MUMBAI: Indiabulls Power, a subsidiary of Indiabulls Real Estate, has fixed price band at Rs 40-45 per share for its proposed initial public offering (IPO) through which it aims to raise up to Rs 1,750 crore.

The company will launch its IPO on October 12 to part-finance the construction and development of projects at Amravati and Nashik, with a combined capacity of 2,655 mw. The company is developing five power plants in western and central India, with a total capacity of 6,600 mw for an investment of Rs 31,000 crore by 2013. The first project is expected to be commissioned at Nashik by 2011.