The Hindu Business Line : Suzlon Energy fixes IPO price band of Rs 425-510

SUZLON Energy has fixed a price band of Rs 425-510 for its forthcoming initial public offering of 2.93 crore shares of Rs 10 each. Based on the price band, Rs 1,245-1,494 crore is proposed to be raised.

Of these shares, 2.67 crore equity shares will be an issue of fresh equity by Suzlon.

Citicorp International Finance Corporation will make an offer for sale of 25.77 lakh equity shares, the company said in a release. However, the date of opening of the IPO is not yet decided.

The issue will be listed on the BSE and the NSE. The IPO will constitute 10.2 per cent of the fully diluted post-issue paid-up capital. The post-issue paid-up equity capital will stand at Rs 287.53 crore.

Based on the price-band and post-IPO paid-up capital, the market capitalisation of the company will be between Rs 12,200 crore and Rs 14,600 crore. This will place the company among the top 30 companies based on the market capitalisation.

After the IPO, the promoters' holding will come down to 69.78 per cent from 76.94 per cent. Other shareholders include Citicorp International Finance Corporation and Chrys Capital.

Suzlon recorded total consolidated revenues of Rs 1,965.92 crore in 2004-05, while net profit stood at Rs 365.33 crore.

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Suzlon Energy fixes IPO price band of Rs 425-510