JSW Energy to raise Rs3,000 crore via IPO to fund projects
14 August 2009
JSW Energy, a group company of Sajjan Jindal's Jindal South West group is planning to raise Rs3,000 crore via the initial public offering (IPO) to fund its six projects costing approximately Rs14,000 crore.
JSW Energy has a power generation capacity of 560 MW and has 3,090 megawatts of capacity under construction, it said in a draft prospects filed with the capital market regulator SEBI.
The company says it plans to use the money to part fund power projects and its mining venture.
JM Financial, Kotak Mahindra Capital, JPMorgan and Morgan Stanley among others are arrangers for the IPO, JSW said.
It sems that the power company has lowered its fund raising plan by Rs2,000 crore, as in July 2008 it said that it was considering raising Rs5,000 crore from the stock market to fund its projects. (See: JSW Energy plans 3,200 MW power plant; to invest Rs15,000 crore)
The projects now under implementation by JSW Energy are in Rajasthan, Himachal Pradesh and Maharashtra.