The initial public offering (IPO) of Indiabulls Power, a subsidiary of Indiabulls Realty will open for subscription on October 12, 2009 and will close on October 15, 2009.
The company is expected to raise around Rs 2,000 crore.
The proceeds of the issue will be used to part finance the construction and development of the 1,320 MW Amravati Power Project Phase – I (Rs 775 crore from the issue) and for funding 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 (Rs 660 crore from the issue).
Indiabulls Power will offer 33.98 crore equity shares via this IPO. There will also be a green shoe option of up to 50,900,000 equity shares, which will take the issue size to 39.07 crore shares. Before the green shoe option, the issue will constitute 16.98% of the fully diluted post issue paid-up capital of the company and post the green shoe option - 19.06%.
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