Mumbai, Dec. 29 : Jindal Power (JPL) filed its draft red herring prospectus on Tuesday for an initial public offering of Rs 7,200 crore, the largest since the Rs 11,500-crore IPO of Reliance Power in January 2008.
The board of Jindal Steel & Power, the holding company of JPL , had earlier this month said it would be seeking shareholders' approval for an IPO of up to Rs 10,000 crore.
Expansion plan
The company is raising the funds for brownfield expansion at Raigarh in Chhattisgarh, JSPL told the stock exchanges.
JPL, one of the largest merchant power producers, plans to more than double its production capacity to 2,400 MW (4x600 MW) with an investment of about Rs 13,410 crore.
The project is expected to be completed in 2012-2013. The company has captive coal-mines and plants.
The shares of the company are proposed to be listed on both the Bombay Stock Exchange and the National Stock Exchange.
Of the Rs 18,407 crore raised through IPOs in 2009, four power sector issues contributed Rs 12,756 crore. These include NHPC's Rs 6,039-crore issue and JSW Energy's Rs 2,700-crore issue.
http://www.thehindubusinessline.com/2009/12/30/stories/2009123052870100.htm
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