JSW Energy IPO to hit capital market on Dec 7, raise Rs 2,700-cr
Power firm, JSW Energy, said it will open bids for its initial public offer on December 7 to raise a total of Rs 2,700-crore to fund expansion.
By PTI |
MUMBAI: Power firm, JSW Energy, said it will open bids for its initial public offer on December 7 to raise a total of Rs 2,700-crore to fund expansion.
"We are launching the IPO on December 7 and bids will close on December 9. The total size of this issue is Rs 2,700- crore," JSW Energy Ltd's Chairman and Managing Director, Sajjan Jindal, told reporters here.
He declined to reveal the percentage of stake that would be diluted through the IPO. JSW Energy will disclose the price-band on December 3 as per regulations stipulated by market watchdog, SEBI.
"We will have anchor investors, but it is not yet finalised," Jindal said.
SEBI allows companies going for IPOs to allocate 30 per cent of the portion reserved for qualified institutional buyers (60 per cent) in an issue, through a bidding process.
The company said 60 per cent of the issue will be allocated to qualified institutional buyers, of which five per cent (excluding anchor investors) would be made available to mutual funds.
"Of the total money that will be raised, Rs 475 crore would be used to repay debt," Jindal said.
IPOs of power utilities like Adani Power and state-run NHPC Ltd have raised around USD 2 billion this fiscal.
"We are launching the IPO on December 7 and bids will close on December 9. The total size of this issue is Rs 2,700- crore," JSW Energy Ltd's Chairman and Managing Director, Sajjan Jindal, told reporters here.
He declined to reveal the percentage of stake that would be diluted through the IPO. JSW Energy will disclose the price-band on December 3 as per regulations stipulated by market watchdog, SEBI.
"We will have anchor investors, but it is not yet finalised," Jindal said.
SEBI allows companies going for IPOs to allocate 30 per cent of the portion reserved for qualified institutional buyers (60 per cent) in an issue, through a bidding process.
The company said 60 per cent of the issue will be allocated to qualified institutional buyers, of which five per cent (excluding anchor investors) would be made available to mutual funds.
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"Of the total money that will be raised, Rs 475 crore would be used to repay debt," Jindal said.
IPOs of power utilities like Adani Power and state-run NHPC Ltd have raised around USD 2 billion this fiscal.
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