Abhijeet Power, planning to raise up to Rs 1375 crore through its initial public offer (IPO) has filed the draft red herring prospectus (DRHP) with the market regulator SEBI.The company is also considering a pre-IPO placement of up to 333,333,333 equity shares with various investors for an amount not exceeding Rs 500 crore.
The book running lead managers to the issue are BofA Merrill Lynch, Enam Securities, Axis Bank, IDFC Capital, SBI Capital Markets, UBS Securities India and Link Intime India is the registrar to the issue
Abhijeet Power, a part of the Abhijeet Group which has presence in various sectors, is a power project development company in India. At present it is developing three thermal power projects with a combined installed capacity of 2,671.6 MW in the states of Maharashtra, Jharkhand and Bihar.
The company intends to utilize the issue proceeds for funding equity contribution in the joint venture (JV), Corporate Power Limited, to part-finance the construction and development cost of the Chandwa Power Project, at Latehar, Jharkhand and in subsidiary - Jas Infrastructure and Power Limited, to part-finance the construction and development cost of the Banka Power Project. Both of these projects are proposed to be a coal-fired power plant with an aggregate capacity of 1,080 MW and 1,320 MW respectively. The amount will also be utilized for general corporate purposes.
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