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With five power projects worth over Rs31,000 crore in hand, Indiabulls Power Limited entered the capital market on Monday with its IPO of 390, 700,000 equity shares, including a green shoe option of retaining 50,900,000 equity shares. The issue was subscribed within ten minutes of opening on Monday. In all 8 anchor investors have already subscribed to a total of 61,164,000 shares on last Friday. Copthall Mauritius, Indea Capital Pte Trust, BNP Paribas Arbitrage, Credit Suisse Singapore Limited are among the anchor investors.
The company’s current five coal-fired thermal Power Projects under various stages of development - Amravati Phase I & ll, Nashik, Bhaiyathan, and Chattisgarh – have a proposed combined installed capacity of 6,615 MW and entail a total capital outlay of over Rs31,000 crores.
Indiabulls Power intends to use the IPO proceeds to part finance the construction and development of the 1,320 MW Amravati power project phase-I, fund equity contribution in the company’s wholly owned subsidiary, IRL to part finance the construction and development of the 1,335 MW Nashik Power Project, apart from general corporate purposes.
EPC News Bureau
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