Monday, July 4, 2011

Abhijeet Power files for IPO worth US $308 million

Abhijeet Power has filed initial papers to raise up to US $307.6 million via initial public offering, the company said in a newspaper advertisement on Friday. The Nagpur-based firm joins rivals Avantha Power, Ind-Barath, Sterlite Energy and Jindal Power that together plan to mop up about US $3.5 billion in 2011 from the Indian primary market where energy firms raised US $608 million in 2010 through primary share offers, according to data from Thomson Reuters.
The company is considering a pre-IPO placement of up to 333.33 million shares to raise about Rs 500 crore ($111.86 million), it said.
Earlier in January, Abhijeet Power’s Chief Financial Officer Rajesh Tulsiani had told Reuters, the IPO was likely to be in the range of Rs 1,200-1,500 crore Enam Securities, Bank of America-Merrill Lynch, IDFC Capital, UBS, Axis Bank and SBI Capital Markets are the managers to the issue.

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