The Hindu Business Line : Bhilwara Energy to raise Rs 105 cr thru pvt equity

New Delhi, July 3 Bhilwara Energy Ltd today announced that it has entered into an agreement for private equity placement amounting to Rs 105 crore with Mauritius-based New York Life Investment Management India Fund II and WIH Holdings.

As per the agreement, NYLIM India Fund and WIH Holdings will together invest the amount for minority stakes in Bhilwara Energy, a company statement said. The investment is subject to FIPB approval.

Bhilwara Energy is the LNJ Bhilwara Group’s holding entity for its power businesses, which includes majority stakes in Malana Power Company Ltd and AD Hydro Power Ltd. The funds raised through the private placement will be utilised to finance new projects and fund expansions in the power business, it said.

The company is also implementing a 75-MW hydro power project in Punjab and was recently awarded three hydro power projects in Arunachal Pradesh.

Bhilwara Energy’s equity is currently held by the LNJ Bhilwara Group of Companies, including its listed entities — HEG Ltd, which holds 39.13 per cent, and RSWM Ltd, which holds 26.41 per cent of the company’s equity capital.

The balance is held by other LNJ Bhilwara Group companies and individuals.

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