*Indiabulls Power* is planninga *Rs1,500 Cr* IPO, draft prospectus will be filed in a week.
*Indiabulls Power *is a 100% subsidiary of *Indiabulls Real Estate* will offer around 34 crore shares -which should bring Indiabulls Real Estate down from the current *71.4% *to *57.8%*. *Morgan Stanley's * lead banker and *Amarchand Mangaldas* are the lawyers. Last year, *FIM*, a foreign venture capital investor managed by *Farallon Capital Management*, and *LNM India Internet Ventures*, an investment entity of LN Mittal group, jointly invested *Rs 1,580 Cr *in *Sophia Power Company*, which is also an unlisted subsidiary of Indiabulls Real Estate engaged in the power sector, for a 37.5% stake. Indiabulls Power and Sophia Power merged late last year, post which *FIM* holds *17.86%* and *LNM India Internet Ventures* owns *10.71%* in the company. *The Farallon investment valued Indiabulls Real Estate at $1.4 billion.* Indiabulls Power is working on 10,000 MW power projects and its 2,640 mw *Amravati Thermal *achieved financial closure. This plant is developed in two stages of 1,320 mw each- each stage of 660MW for which *Rs 5,166 crore* has been raised. The company has two projects each in Maharashtra and Chhattisgarh and four medium-sized hydro power projects in Arunachal Pradesh, the report <http://economictimes.indiatimes.com/Market-News/Indiabulls-Power-plans-Rs-1500-cr-IPO/articleshow/4777981.cms> added. Indiabulls Power also has MoUs with the Madhya Pradesh and Jharkhand governments for setting up of 2,640 mw and 1,320 mw thermal power projects in the states, respectively. Last year, *FIM*, a foreign venture capital investor managed by *Farallon Capital Management*, and *LNM India Internet Ventures*, an investment entity of LN Mittal group, jointly invested *Rs 1,580 Cr *in *Sophia Power Company*, which is also an unlisted subsidiary of Indiabulls Real Estate engaged in the power sector, for a 37.5% stake. Indiabulls Power and Sophia Power merged late last year, post which *FIM* holds *17.86%* and *LNM India Internet Ventures* owns *10.71%* in the company. *The Farallon investment valued Indiabulls Real Estate at $1.4 billion.* Indiabulls Power has major flagship projects spread across Maharastra and Chattisgarh with a total capacity under development of more than 6,600 mw. The company expects to bring its first thermal power plant located at Nashik online within the next 24 months and is in advanced development stages with all of its major projects. The company also controls one of the largest coal mines to provide low cost coal to its plants and had received large coal linkage allocations in last year's empowered ministers meeting. *SBI, Power Finance Corporation *and *Axis Bank* lead more than 18 financial institutions that have pledged to provide funds to the company's development, with the full financial closure of two projects already fully achieved with more than Rs 8,500 crores of debt sanctioned and more funds to be shortly tied up. --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups ""GLOBAL SPECULATORS"" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/globalspeculators?hl=en -~----------~----~----~----~------~----~------~--~---
